HomeStreet offers a variety of home renovation loan programs, so we’ve got you covered regardless of whether your job is big or small.
Whether you're looking to finance the purchase and renovation of a new home, or want to remodel your present one, one of our programs will likely fit your unique needs.
In today's housing market, many shoppers are finding more homes in need of significant updates or basic repairs to make them livable. Some home buyers are purchasing bank-owned properties at attractive prices, but they sometimes need extensive work. Other homes must sell "as-is." Whatever the reason, an FHA 203(k) renovation loan can be a great solution for the buyer and the seller.
You can finance a wide variety of remodel and rehab projects to make the home more livable, including additions, system upgrades, weatherproofing or even solar energy equipment — and one loan finances both the home purchase and rehab costs. A HomeStreet Loan Officer can help guide you through the process of selecting a loan type and completing an application.
The following are among the types of renovation loans that we offer.
FHA 203(k) Renovation Loans
FHA 203(k) loans are available in two versions: the FHA 203(k) Streamline Renovation Loan, available for small projects, which even allows do-it-yourself work, and the FHA 203(k) Renovation Loan, which is a larger loan requiring the assistance of a general contractor. Both versions feature:
- A single loan for both purchase and remodeling costs
- The loan closes before the work begins
- Down payments as low as 3.5% for purchase loans
- Less stringent qualification requirements than some other renovation loans
For specific details of FHA 203(k) loans, visit hud.gov or contact HomeStreet Home Loans.
Fannie Mae Renovation Loans
If you’re considering a renovation to a primary residence, a vacation home or an investment property, you may want to consider the Fannie Mae HomeStyle® Renovation Loan:
- Customize a home to your specifications with substantial renovation work — expansion or improvement
- One conventional, fixed-term renovation loan covers both your purchase or refinance and the renovation work
- Take up to six months to complete the project
- Loan closes before the work begins
- Low down payment options available
- No renovation cost minimum and renovation costs can be up to 50% of the “as completed” appraised home value
- Available for single family residences, condominiums and multiplexes (1-4 units)
For more information on HomeStyle Renovation Loans, contact a HomeStreet Loan Officer.
One-Step Construction loans or Fannie Mae HomePath® loans may also be used for home renovation under certain conditions. Visit the appropriate sections to learn more about these specialized programs.
(Disclaimer: HomeStyle® is a registered trademark of Fannie Mae and is not related to or affiliated with HomeStreet Bank. )