What’s stopping you from loving your (current or new) Houston home?
Whether that’s your current home, or one you’re considering buying, a renovation loan can make your dream come true with attractive financing options backed by Fannie Mae (with a HomeStyle® Renovation loan) or the Federal Housing Administration (with a 203(k) Renovation loan).1
Compare your options
When considering making updates to your home, it’s important to choose the home loan that meets your renovation goals and unique financial situation. Here’s a quick overview of the differences between FHA 203(k) and HomeStyle Renovation loans:
- Down payment options as low as 3.5%.
- Ability to make required repairs plus optional improvements.
- Funds cannot be used for “luxury” updates.
- FHA requires that the improvements meet certain energy efficiency and structural standards.
- Streamline 203(k) maxes out at $35,000, while a Standard 203(k) doesn’t have that limit.
- Down payment options as low as 3%.
- Property can be a primary residence, single-family dwelling, townhome, 1-4 unit multi-family dwelling, second home or investment property.
- All permanently affixed improvements are allowed, including “luxury” improvements.
- Updates must be completed within 15 months of closing your loan.
Without further delay…Home renovations can be expensive, so saving up enough money to fund these projects can take a while. If you have repairs that need to be done right away, or updates that you want to do soon, then a renovation loan might be the best way to get things started.
We’re here to walk you through choosing the right type of renovation loan, how much you can afford to borrow, and how long the process will typically take. Reach out today and we’ll answer all your renovation financing questions. We’re excited to hear about your plans to update your home!
1The Gibraltar Group is an FHA Approved Lending Institution and is not acting on behalf of or at the direction of HUD/FHA or the Federal government.