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Is the FHA 203K Loan the right choice........
FHA 203K, is it your Customer’s Best Option?
Most renovation mortgage clients only know about FHA’s 203k loan, they are not aware that they may also have another option from Fannie Mae ,the HomeStyle Renovation Loan. The HomeStyle is a conventional renovation mortgage, it goes buy slightly tightened Fannie Mae guidelines. That said if you were pre-qualified by a lender for conventional financing then you are likely good to go on the HomeStyle conventional renovation loan as well. If you are wanting to renovate a vacation or investment property then the HomeStyle is your ONLY option, the FHA 203k loan is for primary residence and owner occupants only. HomeStyle Features:
Down Payments as low as 5% for loan amounts up to $417,000 of acquisition of the property (purchase price + renovation escrow)
Higher Loan Limits available based off Fannie Mae county loan limits (Washington, DC area $625,500)
Reduced Mortgage Insurance compared to FHA 203K
NO Mortgage Insurance Options
2nd Homes/Vacation Homes allowed
Investment Properties allowed
Finance up to 6 months of payments during renovation Your Premier Renovation Lender offers a new path for your home-buying needs…HomeStyle Renovation Financing. Call me 571-238-6468 or email at Raymond.Roeske@movementmortgage.com I look forward to helping you with ... more
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