With all the television shows on the home improvement channels that feature the flipped houses and fixer uppers, it has caused many of us to have dreams of taking an outdated or dilapidated house and turn it into a beautiful home. But financing that dream on your own would require quite a bit of money, so for most they would need a mortgage. Stockton offers a variety of renovation mortgage options that could accommodate almost any borrower.
The biggest benefit of these renovation loans is they allow you to roll in the cost of the repairs or updates into the financing of the home; the total financed amount is based on the future value of the home (the home value after the repairs are made). This beauty of a mortgage, provides you with the financial backing to turn the house you like, into a home you love. The FHA 203(k) is just one option available and with its less restrictive credit requirement along with the low down payment; it is a popular renovation mortgage option. This loan can cover financing for less extensive home improvements like, new flooring and paint, as well as major changes such as, structural or new appliances. If you are interested in learning more about the FHA 203(k) loan, visit our page dedicated to fixer upper financing.
In addition to the FHA 203(k) loan, we offer the FNMA HomeStyle loan which allows for luxury items like outdoor kitchens and landscaping improvements in additional to renovations approved for the FHA 203(k) loan. We have recently, added a renovation mortgage option for our veterans. This product allows veterans, active military and some family members to roll the cost of their home renovations into their mortgage which offers the same benefits as a traditional VA home mortgage. These benefits include, no down payment requirement as well as less stringent requirements on income and credit score, that you could find with other mortgage options.
Stockton mortgage has several renovation financing specialists who would love to discuss the options available for you and your fixer upper; find one near you!