Pay for home repairs before you move in when you purchase, or refinance and renovate your current home, using the FHA 203(k) FannieMae HomeStyle® loans. Fund upgrades and renovations and take up to six months to complete the work. Use the funds for a kitchen or bath remodel, to repair or replace structural damage, chimney repair, additions to the structure, installation of additional bathroom, finish an attic or basement, repair termite damage or septic work, and more.
An “all-in-one” Renovation Loan may be an excellent, affordable solution for you if:
You’re a first-time or repeat homebuyer; or
You want to buy a “fixer-upper” home in a great location and get extra money to renovate it, all with one application, one loan, and one payment each month; or
You want to refinance and renovate your current home—again, all with just one loan!
Renovation Loan benefits and features:
Purchase a home that is less-than-perfect in a great neighborhood or is a foreclosure, short sale, or other distressed property. Eliminate problems with the property before you move in.
A Renovation Loan is a convenient, economical way to make changes with a first mortgage (purchase or refinance), rather than a second mortgage or a home equity line of credit.
Examples of renovations, depending on your loan type: kitchen and bath updates, exterior and interior paint, flooring and carpeting, landscaping, roofing and gutters, electrical and plumbing, structural alterations and additions, and swimming pool.
FHA 203(k) and Fannie Mae HomeStyle® Renovation Loans are available. Your Academy Loan Officer can help you decide which loan solution will help make your dream home a reality.
Other requirements and conditions apply.