The HomeStyle Renovation Loan is a mortgage that allows prospective buyers to purchase a home that needs some renovations or upgrades and roll the cost of these repairs into their mortgage. In addition to purchasing a new home the Home Styles loan can also be used to refinance your current home and remodel it.
Unlike some other types of renovation loans, The HomeStyle loan does not have any required improvements that must be completed in order to qualify. There is also no minimum dollar amount of repairs.
The minimum down payment with the HomeStyles Renovation Mortgage is 5% (5% of the sum of the cost of the home and repairs)
Some other details include:
- Can be used to purchase a home or refinance/remodel it.
- 5% is the minimum down payment for primary, single-family residences, 10% down is required for second homes & investment properties.
- Of the 5% down only 3% has to be your money, the rest can be gifted to you to cover the rest of the downpayment and closing costs.
- The seller is allowed to contribute up to 3%
- This product covers both cosmetic and structural renovations
- The list of improvements you can do with this loan are exponential. Some popular examples include: pools, landscaping, new decks, kitchen remodels, bathroom remodels, energy efficient upgrades.
Treadstone Funding is a local lender in Grand Rapids, MI specializing in renovation mortgages including HomeStyles, FHA203k, HomePath and more.
For more information check out the video below.
**down payment and other figures shown are listed for informational purposes only and not intended as an advertisement or commitment to lend. Not all borrowers will qualify; please contact us for an exact quote and for more information on fees and terms .