Allow You to Create the Home of Your Dreams
“Our growing family was able to buy a home in our dream neighborhood without the markup of a turnkey property. With our HomeStyle Renovation Loan, we bought an older home in need of love and gave it a complete makeover inside and out. We now have our perfect home in a wonderful neighborhood!” – Natalie H.
Benefits Of Renovation Loans
The Hargrave Group is extremely passionate about Renovation Loans. They can help you get into a neighborhood you otherwise couldn’t afford, allow you the flexibility to create a space of your own, and provide an instant equity position from the get go. Read more about each product to see what opportunities can be created with Renovation Loans.
Types of Renovation Loans
The Fannie Mae HomeStyle Renovation Loan is a conventional mortgage that allows you to purchase or refinance both the cost of the home and planned renovations.
FHA 203K Loans include the cost of repairs and renovations when that amount is over $34,999 OR there are structural repairs involved (ex. foundation repairs) including a 10-20% contingency. Homeowners and buyers will enjoy the perks of FHA financing, including low interest rates, a 3.5% down payment, and less stringent qualification guidelines, however their loan amount will be limited to $420,680 in most cases.
The FHA 203K Limited Loan is similar to the FHA 203K but only allows for cosmetic improvements up to $34,999 including a 10% contingency. Again, homeowners and buyers will be able to take advantage of the great terms FHA loans have to offer, but cannot upgrade or repair structural items without jumping up to the full 203k.
We offer an extensive suite of escrow holdback products including Buyer and Seller Funded Repair Escrows, Minimum Property Standard Repairs, Weather Related Escrows, USDA Escrow Holdbacks, and HUD REO Escrows. These are all great problem solving tools for buyers and sellers, and can be a quick fix for any transaction.