Property Types
What is a renovation loan?
Answered by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A renovation loan combines the purchase (or refinance) and the cost of improvements into a single mortgage, sized on the home's projected after-renovation value. The FHA 203(k) and Fannie Mae HomeStyle are the main options.
Funds are released to contractors as work is completed. It turns a dated home into your dream home with one loan. We'll help you scope the budget and choose the right product.
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