Renovation mortgages offer the opportunity to buy (or refinance) a home, and obtain money for improvements, all with one loan. Great for buyers that want to buy a fixer-upper, or someone who just wants to modernize an older home.
FHA 203(k) Limited: FHA 203(k) Limited loans allow qualified borrowers to finance a repair escrow up to $35,000. This program is designed to facilitate the purchase of homes needing minor repairs. Repairs can include, but are not, limited to the roof, plumbing, HVAC, minor remodeling, appliances, flooring, windows, siding, and more.
FHA 203(k) Standard: FHA 203(k) Standard loans allows more types repairs than the limited, allows a higher budget for the repairs, and requires the use of a 203(k) consultant to help you define the scope of the job and write the specifications. It includes all the repairs allowed for a limited, but it also allows repairs that are more structural, such as foundation repairs, or putting an addition onto a home.
Conventional Homestyle: The Homestyle is a conventional version of the FHA 203(k). The Homestyle has a down payment that is slightly higher than the 203(k)m but the cost of mortgage insurance may be less, and you can also finance investment properties and second homes.
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What Our Customers are Saying
I encouraged my relocation buyer to consult with Trident Mortgage because we were making an offer on a highly competitive property. For several reasons it was very fortunate that he chose Trident. The seller recognized and trusted the local Trident name, the mortgage officer, Mike Lee was very resonsive to both the buyer and myself as the agent but ultimately, we were so grateful to Trident because we had a last minute addendum on Sunday evening. Trident Mortgage and Trident Title working together were able to change the CD, get it back through underwriting and complete settlement within an hour after our planned closing time of 9:00am on Monday morning!~ S.P.