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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All services are at my fingertip. When I have a Buyer prequalified by Mike Lee I know a settlement will take place without any grief. It is a smooth transaction and I know what is taking place in the transaction as time gets on. Yesterday I had a settlement that was less than a month from agreement to closing. My Buyer had been prequalified. Title is a breeze and everything is done for me. Insurance is handled beautifully. It's that one stop shopping that makes my life easy. I do not have to be a quarterback; it is all done for me once the deal is in motion.~ M.B.