Loan
Home Renovation Loans
Home renovation loans give both buyers and investors the funds they need to transform a place with potential into a dream home.
Benefits of a home renovation loan
For homebuyers:
- Increase your buying power
- More home-buying options, since you’re not limited to move-in ready homes
- Turn a less-than-perfect house into a home that fits you and your needs.
For homeowners:
- Refinance your mortgage to cover the cost of renovations on your home
What is a renovation loan?
A home renovation loan is essentially a mortgage loan with extra funds for home improvements. These loans use a home’s estimated after renovation value instead of its current value to calculate how much a homeowner can borrow. This can open up many more home buying options for you as you begin to look for your dream home. These programs allow buyers to purchase or refinance a fixer-upper and roll the cost of improvements into the mortgage.
How a home renovation loan works will depend on the type of financing, you decide to apply for. Hixon proudly offers a full suite of renovation lending programs to fit renovation projects large and small, including FHA 203(k) and Fannie Mae HomeStyle®. Renovations and repairs can range from projects under $35,000 to major remodels over $35,000.
Home Renovation Loans
Home renovation loans give both buyers and investors the funds they need to transform a place with potential into a dream home.
What is a renovation loan?
A home renovation loan is essentially a mortgage loan with extra funds for home improvements. These loans use a home’s estimated after renovation value instead of its current value to calculate how much a homeowner can borrow. This can open up many more home buying options for you as you begin to look for your dream home. These programs allow buyers to purchase or refinance a fixer-upper and roll the cost of improvements into the mortgage.
How a home renovation loan works will depend on the type of financing, you decide to apply for. Hixon proudly offers a full suite of renovation lending programs to fit renovation projects large and small, including FHA 203(k) and Fannie Mae HomeStyle®. Renovations and repairs can range from projects under $35,000 to major remodels over $35,000.
Benefits of a home renovation loan
For homebuyers:
- Increase your buying power
- More home-buying options, since you’re not limited to move-in ready homes
- Turn a less-than-perfect house into a home that fits you and your needs.
For homeowners:
- Refinance your mortgage to cover the cost of renovations on your home
Is a renovation loan right for you?
The answer could vary depending on what type of renovation loan you’re interested in and what you qualify for. If you’ve found the perfect location and an almost-perfect house, a renovation loan can help you convert it into a dream home. Renovation loans can also be an excellent option for borrowers having difficulty getting approved on a home that needs improvements.
Turn “Almost Perfect” Into Your Dream Home
At Hixon Mortgage Company, we understand that you’re buying a location and a lifestyle as much as a house. Our local loan officers will make sure you understand your options so you can secure a renovation loan that works for you.
