An easy and affordable option to finance home renovations.The HomeStyle Renovation loan is a conventional mortgage that lets borrowers finance improvements or renovations to a home. This loan type can be used at the time of purchase, or as a refinance transaction. The HomeStyle Renovation loan allows a variety of renovation projects including inground pools, outdoor kitchens, and saunas. Renovation accessory units such as in-law suites, or basement apartments are also an option.
Borrowers can finance in the renovations and take advantage of competitive rates, which may be lower than a home equity line, a personal loan, or credit card rates.
- Up to 75% of the after-improved value in renovations
- No minimum repair amount
- Includes structural and non-structural improvements or repairs
- Provides accessibility upgrades (ramps, rails, etc.)
- Owner occupied, second home OR investment properties allowed
- Down payments as low as 3% for first-time buyers
- Purchase or refinance
- Cosmetic repairs permitted
- Appliances permitted
- Luxury renovations or repairs allowed
Benefits of a HomeStyle Renovation Loan
The HomeStyle Renovation loan offers several benefits for home buyers.
3% Down Payment For First-Time Home Buyers
The HomeStyle Renovation loan only requires 3% down for first-time home buyers.
Luxury Renovations Included
This loan type allows luxury renovations such as inground pools, outdoor kitchens, and saunas.
No Mortgage Insurance Option
No mortgage insurance is required with a 20% down payment.
Can Be Used For A Variety of Home Purchases
The Homestyle Renovation loan allows financing for owner occupied properties, investment, and second homes.
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