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With Millennial Home Loans quick online loan application, determining if you qualify for a Conventional Renovation Loan and for how much, has never been easier.

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Conventional HomeStyle Renovation Loans.

Down Payments As Low As 3%!

The HomeStyle Renovation Loan Can Help With Your Purchase and Refinance Rehab Projects

Conventional HomeStyle Renovation Loan Program Benefits

  • The Conventional 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  • Repairs can be used for minor or major repairs, including improvements to outdated homes, structural deficiencies, additions, expansions, and even addition of decks, pools, and landscaping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 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 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)
    Ineligible Repairs:
    • 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 HomeStyle Renovation Mortgage Expert

Not ready to apply online? No problem.

 

Answer a few questions, and a Conventional 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. 

 

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