Renovating with Home Improvement Loans
Download our Renovation Loan Comparison sheet here.
Is your house finally ready to take on that home improvement project you've been talking about, but you don't have the home equity you need? Maybe it's time for your dream kitchen or possibly the sun room off the back of the house this spring. Or, maybe you're looking at a new home purchase, but the property needs a little "TLC" to get move-in ready. Whatever your renovation or home improvement need may be, AmeriFirst is here to help. Granted, we may not be there swinging the hammer or holding a paint brush, but we'll be with you every step of the way for your home improvement loans.
FHA 203k Loan Information
In the late 1970’s the federal government introduced a loan program to help rehabilitate homes in need. The FHA 203k loan has flown under the radar for years. Now it’s taking flight and becoming a terrific option for various buyers. Foreclosure fixer-upper homes can be renovated with the 203k loan. Homeowners can upgrade and move forward with home improvements with a 203k refinance even when the house has little to no equity. Our renovation section will help give you the resources to understand this government-backed loan program and your options.
Take advantage of the free203k Loan Survival Guide available for download. You can hear from the AmeriFirst 203k Program Director through the AmeriFirst video channel. We also have an entire section full of articles on the 203k and its options. Let us know if we can help cut through the red tape and decide whether the 203k loan program is right for you.
HomeStyle Renovation Mortgage
The HomeStyle Renovation mortgage enables a borrower to obtain a purchase transaction mortgage or a limited cash-out refinance mortgage and receive funds to cover the costs of repairs, remodeling, renovations or energy efficient improvements to the property.
There are no required improvements or restrictions on the types of repairs allowed or a minimum dollar amount for the repairs. Repairs or improvement, however, must be permanently affixed to the real property and add value to the property.
With a 5% down payment you can add your taste & style to a house to make it your home with remodeling projects like a new kitchen, bathroom, room addition or energy efficient upgrades. HomeStyle Renovation allows you to buy a home and fix it up, or refinance and remodel your current home.
- Purchase or refinance & remodel
- 5% minimum down payment for primary, single-family residences (10% for second homes)
- You can use gift funds for down payment & closing costs for owner occupied, primary residences after you contribute a minimum 3% down payment
- 3% seller contribution allowed
- Cosmetic and structural renovations allowed
- Allowable improvements can include landscaping, appliances, swimming pools and more