Are you considering buying a property that’s in need of renovations? Maybe you have plenty of capital to purchase the property, but you’re in need of funds to do the renovation. If this sounds familiar, you should consider a Renovation Home Loan. MortgageDepot is the leading expert in Renovation Home Loans. Our brokers have the experience and expertise to help you choose the right type of renovation loan for your project.
Who Can Get a Renovation Loan?
- Buyers who intend to use the home as a primary residence
- Buyers who intend to use the home as a second home
- Buyers who intend for the property to be non-owner occupied
There are two basic types of home renovation loans, and MortgageDepot can assist you with either type of loan. Which loan you apply for has everything to do with the type of property you’re buying and what you intend to use he property for.
The Fannie Mae Renovation Home Loan is perfect for buyers who intend to use the property as their second home or a non-owner occupied property.
Benefits of a Fannie Mae Renovation Loan:
- You can use the contractor of your choice
- No certified training is required on the part of the borrower
- If the repairs are lower than $15,000, no Fannie Mae consultant is required on the job
- LPMI is allowed
- This loan CAN be used for the addition of certain luxury items, such as a pool, room remodel of an addition to the property.
The FHA Renovation Home Loan is perfect for buyers who intend to use the property as their primary residence.
Benefits of a FHA Renovation Loan:
- Available with a minimum FICO score of 620
- If the repairs are lower than $35,000, no Fannie Mae consultant is required on the job
- W-2 Only Transcripts are allowed for this loan
- Available for either a purchase loan or a rate and term refinance
- Available as either a 30-Year or a 15-Year Fixed Rate loan
Don’t let the fact that the property you want needs repairs stop you from moving forward. MortgageDepot is the Renovation Home Loan expert. Call them today, and they’ll help you acquire the Renovation Home Loan you need.