RedHouse › Opciones de préstamo › Renovation loan
Renovation loan
Finance the purchase (or refinance) and the repairs in one loan: FHA 203(k), Fannie Mae HomeStyle, and Freddie Mac CHOICERenovation.
Nota: Página en español pendiente: esta página se publicará en español después de la revisión de un oficial de préstamo bilingüe. A continuación se muestra la versión en inglés.
Who it's for
Buyers looking at homes that need work, and owners who want to renovate without a second loan.
How it works
- The loan amount is based on the home's value after the planned work.
- A contractor's bid and scope are part of the approval. Funds are held and released as work is completed and inspected.
- Three flavors: FHA 203(k) for primary residences with flexible credit; HomeStyle and CHOICERenovation for conventional borrowers, including second homes and investment properties.
What you'll need
- A licensed contractor and a written bid
- Standard income and credit documents
- Time: renovation loans take longer to close than a standard purchase
Common questions
Can I do the work myself?
Usually not on FHA 203(k). Some conventional renovation programs allow limited owner work with restrictions.
What can the money be used for?
Most permanent improvements: roofs, kitchens, baths, systems, additions, accessibility changes. Luxury items like pools are limited or excluded depending on the program.
Por diseño, esta página no muestra tasas, APR, pagos ni porcentajes de pago inicial. Esas cifras solo se publican con la divulgación completa exigida por la Regulación Z.
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