HomeStyle Renovation Loans Explained | Find The Perfect Loan

Homestyle renovation loans are a great option for borrowers that are buying a fixer-upper, or for current homeowners that want.


Homestyle renovation loans are a great option for
borrowers that are buying a fixer-upper, or for current homeowners that
want to remodel. Homestyle renovation loans are similar to
FHA 203k loans, except that they are backed by Fannie Mae and Freddie Mac. This means there are no restrictions on
repair types or minimum spend amounts. However, they might take a little longer
to close than a standard loan. Homestyle renovation loans are available
as fixed rate mortgages with various term length options. Now let’s talk about requirements. In order to qualify for a Homestyle renovation
loan, you must have a minimum credit score of at least 620, and a
maximum debt-to-income ratio of 45%. If being used on a purchase, a down payment
of at least 5% is required and all improvements to the home must
become a permanent part of the property. So to sum it all up, homestyle renovation loans
are a great option for anyone looking to purchase a home in need of repair, or to
refinance to make improvements. There are no restrictions on repair types, or
minimum spend amounts, but it may take a little longer to close
than a standard loan. To learn more about homestyle renovation loans,
and for other mortgage resources, visit totalmortgage.com

Leave a Reply

Your email address will not be published. Required fields are marked *