We can help you get the extra funding that you need to turn your new fixer-upper into the home of your dreams!
In today’s home market, many of the houses that are for sale are fixer-uppers. Some homes need major renovations to pass inspections. Others houses need only a little updating and some need style changes to suit the buyer’s needs.
Are you needing to renovate your new St. Louis home? Does the siding need to be replaced, appliances need updating or broken pipes need repairing? If so, you’ll be glad to know that Fannie Mae has introduced the HomeStyle Renovation Loan to help homeowners turn their likable fixer-upper into the home of their dreams.
What it is the HomeStyle Renovation Loan?
In the past, a St. Louis homeowner would use a home equity loan or a line of credit to make the needed repairs and renovations on a new home – but those days are gone. Due to the current housing market of low home values and no equity, Fannie Mae came up with a program that can get the home buyer the financing they need, all included in the price of the mortgage. One loan, one closing.
The HomeStyle Renovation mortgage allows the borrower to obtain the money they need for the purchase of a new home, along with the cash to pay for the cost of any repair, remodel or renovation. You can even use the money to add energy efficiency improvements to the house like skylights.
The only requirements by Fannie Mae is that the construction be a permanent fixture to the home and that it increases the property value. If it is an energy efficiency upgrade, the borrower will need to get an energy report highlighting the approximate savings that the improvement gives.
The HomeStyle Renovation loan lets the buyer combine the purchase of their house with the financing needed to make repairs or upgrades. There is no second approval process, extra set of paperwork or two closings. Everything you need to turn a house into your dream home is put together into one loan package.
How Better Rate Mortgage Can Help
We know that investing in a fixer-upper can be a scary undertaking. The house you have in mind may need major repairs or just a little updating. Large or small, our team will work with you to get the funding you need.
Call us today about a HomeStyle Renovation Mortgage for your new home or existing home, at (314) 361-9979 or fill out our online contact form. Our level of service and lending power is second to none in St. Louis.