Renovation mortgages offer the opportunity to buy (or refinance) a home, and obtain money for improvements, all with one loan. Great for buyers that want to buy a fixer-upper, or someone who just wants to modernize an older home.
FHA 203(k) Limited: FHA 203(k) Limited loans allow qualified borrowers to finance a repair escrow up to $35,000. This program is designed to facilitate the purchase of homes needing minor repairs. Repairs can include, but are not, limited to the roof, plumbing, HVAC, minor remodeling, appliances, flooring, windows, siding, and more.
FHA 203(k) Standard: FHA 203(k) Standard loans allows more types repairs than the limited, allows a higher budget for the repairs, and requires the use of a 203(k) consultant to help you define the scope of the job and write the specifications. It includes all the repairs allowed for a limited, but it also allows repairs that are more structural, such as foundation repairs, or putting an addition onto a home.
Conventional Homestyle: The Homestyle is a conventional version of the FHA 203(k). The Homestyle has a down payment that is slightly higher than the 203(k)m but the cost of mortgage insurance may be less, and you can also finance investment properties and second homes.
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My clients had a very pleasant experience with Kent Allen with Trident Mortgage right from the start when they got their pre-approval. We needed answers on a weekend and he returned our call around 8:30 on a Friday evening and again Saturday morning so we could get our offer written. About a week later, we received an offer on this same client's property. As Good Luck would have it, the buyer was pre-approved by Kent Allen with Trident mortgage. We received 5 offers and they were all very close. The seller chose the offer that was pre-approved by Kent Allen as he knew that it would be smooth sailing - and it has been. We close on that property next week and our pre-approval came in ahead of schedule. Many thanks AGAIN to Kent!!~ M.A.