Renovation

FHA 203k Loan

Section 203(k) enables homebuyers and homeowners to finance the purchase of a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their existing home.
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Features:
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• 3.5% down payment
• Limited 203K Program available for less extensive repairs
• Down payments can be gifted

HomeStyle® Renovation Mortgage

The HomeStyle® Renovation (HSR) mortgage permits borrowers to include financing for home improvements on a purchase or refinance transaction of an existing home.
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Features:
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• Cost-effective way to renovate or improve your home
• Single mortgage means lower closing costs and typically lower interest rates
• Borrowers can qualify for combined loan to value (CLTV) of up to 105%