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Conventional CHOICERenovation® and HomeStyle® Renovation Loans.
Down Payments As Low As 3%!
The CHOICERenovation® and HomeStyle® Renovation Loan Can Help With Your Purchase and Refinance Rehab Projects
Conventional CHOICERenovation® and HomeStyle® Renovation Loan Program Benefits
- The Conventional CHOICERenovation® and HomeStyle® Renovation Loan program allows borrowers to create one loan amount, including a repair and renovation budget to make repairs and home improvements, that are permanently affixed to the property, which when:
- Purchasing a house can be combined with the purchase price
- Refinancing an existing loan can be combined with the current mortgage payoff amount and closing costs
- Greater appraised value. The Appraiser will determine the property value based on the “after-completed value” Vs. the current value of the property without the anticipate improvements
- Repairs can be used for minor or major repairs, including improvements to outdated homes, structural deficiencies, additions, expansions, and even addition of decks, pools, and landscaping
- On purchase transactions, down payment as low as 3% of the combined purchase price and renovation budget
- On refinance transactions equity position required as low as 3% of the after-completed appraised value
- Minimum 620 middle credit scores required
- Safe, secure 15 and 30 Year fixed rate mortgage
- Seller closing cost help up to 6% of the purchase price permitted
Conventional CHOICERenovation® and HomeStyle® Renovation Loan Qualification Requirements:
- There are no minimum dollar amount for repairs
- Repairs and renovations must be permanently affixed to the property
- The renovation loan can’t be used for complete tear-down and rebuilds
- If the renovation type is either structural or the total repair budget exceeds $35,000 either a HUD Consultant Report or a Feasibility Report from PHI Home Inspections will be required
- Property, including projected repairs from the Contractor Proposal, must meet conventional appraisal guidelines
- Renovations must be completed in six months
- A single third-party General Contractor must complete all repairs (i.e. no self-help allowed, only one General Contractor allowed)
- All borrowers on the loan must have a minimum 620 middle credit score
- Loan program follows Fannie Mae foreclosure or short-sales and bankruptcy guidelines
Conventional CHOICERenovation® and HomeStyle® Renovation Loan Eligible Repairs:
- Eligible Repairs:
- Any repair type that is deemed reasonable and beneficial to the property value, that is permanently attached to the property, and even addition of decks, pools, and landscaping
- Examples include:
- Structural alterations and additions
- New central air/heat, plumbing, and electrical systems
- Minor repair to existing septic systems
- Repair termite or moisture damage
- Remodeling kitchen and bathrooms
- Energy conservation improvements
- New appliances
- Addition or replacement of exterior decks, patios, and porches
- Major landscaping and permanent hardscape (i.e. driveways, walkways, retaining walls)
- Complete tear-down and reconstruction of the dwelling
- Physical relocation of a home from another loan isn’t permitted
- Generally any repair type that isn’t attached to the primary residence
- Improvements for business or commercial purposes
- Items that will not increase the value of the property
Talk to a Conventional CHOICERenovation® and HomeStyle® Renovation Mortgage Expert
Not ready to apply online? No problem.
Answer a few questions, and a Conventional CHOICERenovation® and HomeStyle® Renovation Home Loan Mortgage Expert will call you back.
Today's Conventional HomeStyle Renovation Loan Interest Rates
Conventional HomeStyle Renovation Loan interest rates change on a daily basis.Â
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