Some of you may know, but in addition to my business, success, and peak performance coaching, I have recently joined Geneva Financial Home Loans, a mortgage lender headquartered in Chandler, Arizona as a Mortgage Loan Originator. I’ve always had a passion for serving others and now I’m proud to be a part of Home Loans Powered by Humans. If you are in the state of Arizona and looking to take the next step in your journey, contact me at 801-830-3858 to start the conversation.
NMLS#42056 BK#0910215 Equal Opportunity Lender.
In addition to my other articles on this site, at times I will share valuable information regarding the mortgage and/or real estate industry.
At Geneva Financial we offer Conventional, FHA, VA, USDA, Refinance, Reverse, Jumbo and Condo Financing as well as Down Payment Assistance Programs, First-Time Homebuyer Programs, Physician Loans and Hero Loans for First Responders, Police, Firefighters, Nurses, and Teachers.
The Arizona real estate market is exciting right now. So whether you are moving to Arizona and you’re looking to buy a new home, or you already live here and you’re looking to buy, or refinance, there are many opportunities.
Renovation loans are designed to help you finance a home renovation. There are several loan programs designed to help you with your home renovation
What is a Home Style Renovation Loan?
Homestyle Renovation loan is a single loan that enables borrowers to purchase a home that needs repairs or refinance their existing home and includes the necessary funds in the loan balance.
Who is a Homestyle Renovation Loan For?
A homestyle renovation loan is perfect for those looking to buy a home that needs a little more work in order to move in or looking to update their existing home.
What are the qualifications for a Homestyle Renovation Loan?
- 620 minimum credit score
- Maximum LTV 87%
- Program allows maximum repair amounts on purchases, refinances, and manufactured homes
- Finance improvements up to 75% of the as-completed appraised value of the property
What is a 203K Loan?
An FHA 203(k) loan allows you to buy or refinance a home that needs work and roll the renovation costs into the mortgage. You’ll get a loan that covers both the purchase or refinance price and the cost of upgrades, letting you pay for the renovations over time as you pay down the mortgage.
Who is a 203K Loan for?
Anyone who is shopping for a home, that may have trouble finding the perfect home, but instead finds a home with the potential to be perfect with only a few repairs or renovations.
What are the benefits of a 203k loan?
In addition to funding your new home, a FHA Streamline 203(k) can provide additional funds* to help with improvements such as:
- Updating a kitchen or bathroom
- Adding new flooring or painting
- Purchasing new appliances
- Roof Repair
- Efficient HVAC systems and other energy efficient upgrades
What are the guidelines for a 203k loan?
- Low down payment options
- Both fixed – and adjustable rate loans are available
- Loans for 1 – 4 unit properties and condos may be available
- Your down payment funds can be a gift from a relative or employer
Contact Jeff today to see if a renovation loan is right for you