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Is there a gap between the home you want and the home you can afford? If so, you might consider buying a home that needs some love with a renovation loan. These loans allow you to buy a home and get the funds you need to cover the costs of repairs, remodeling or renovations to the property - all with one loan.
Buying a home that needs some love can be overwhelming. It can also be a smart investment. If you're thinking about buying a fixer-upper, you already know that it's going to take a little elbow grease to make it livable. You probably also know that these types of homes can often be snatched up at bargain prices and in neighborhoods where you want to live. And once it's yours, you can paint, remodel and refresh the property to make it your own. Gourmet kitchen, movie room, home office, party deck - the possibilities are endless.
How do the home improvement loans "HomeStyle Renovation" and "FHA 203k" compare side by side? If you're searching out this answer, then you're already familiar with the idea of renovation mortgages. The video below compares these two well-known options for financing a fixer-upper home purchase (or refinance). After the video we'll also take a look at some of the facts in a chart for you, so you're well-equipped to make the right decision for your home buying situation. Download the Ultimate Guide to Renovation Loans here and learn more about all your renovation options.