Construction and Renovation Loans

Have you been unable to find the home of your dreams? Is your current house too small or the wrong design in the right location? It may be time to have a home built for you, or to remodel the home you have!

HomeStreet has loan programs to help you in any of these circumstances.

• Our One–Step Construction loan can help you with the purchase of the land for your new home as well as the construction, or to finance the construction of the home on land you already own.  Construction loans can be structured for a 9 or 12-month draw period during which the home is built.  There is no need for new financing after the construction phase – the loan automatically rolls to a fixed or adjustable rate mortgage, at the interest rate you locked in before construction!
  
  
• Renovation loans are intended for major improvements to existing homes, and can be used in both purchase and refinance situations.  HomeStreet has several different renovation loan programs including FHA 203(k) loans, as well as our own owner occupied and investor (rental) renovation programs.

Both construction and renovation loans involve getting plans and specifications, picking a contractor, and signing a contract.  Let us help you through the process, contact a HomeStreet Loan Officer while you are planning your dream home.