Considering updating, expanding, or remodeling your home?
With an FHA 203(k) or Fannie Mae Renovation Loan, you can purchase or refinance a home with necessary or desired projects in mind, make immediate improvements, and pay for them over time. HomeStreet Bank specializes in renovation loans and will get you through the process smoothly.
- If you are purchasing a new home, keep renovation loan options in mind. You may find a place that just needs a few updates to be perfect.
- If you already own a home that needs renovations, you can use our Renovation Checklist to get an idea of the scope of the project
- Meet with a Loan Officer to determine which renovation loan is right for your project
- Apply for the loan and HomeStreet's dedicated Renovation Loan Team will work through the financing details and loan approval process
- Working with a variety of experts, chosen by you and approved by HomeStreet, the project will begin with design plans, a project timeline, and a cost breakdown
- Draws are made to pay for the work throughout the renovation process
- As soon as the loan closes, regular mortgage payments begin with the financing of the renovation included in the payment
Some features of our Renovation loans include:
- Allows for home remodels, expansions, renovations, and repairs, as long as the project will add value and is feasible
- Projects can include necessary repairs, desired upgrades, or a mixture of both
- Project financing is rolled into your mortgage so you don't need to deplete your savings or take on higher interest forms of credit
- Appraisal and loan amounts are based on the "after-repair" enhanced value, so you can maximize your project scope and budget
- Available for second homes and investment properties
- Down payment may be as low as 3.5% for purchase renovation loans
For very large projects, a Construction Loan may be an alternative option. Contact a Loan Officer to learn which loan program is right for you.