When shopping for a home, you may come across properties that aren’t quite what you are looking for but are oozing with potential. With one of Fairway’s renovation loan options, you can roll the cost of those repairs and improvements into one loan, which can save you both time and money.
What Is a Renovation Loan?
When using a renovation mortgage loan to purchase a new home, Fairway will combine the amount of the purchase contract and the necessary repairs and improvements to calculate your adjusted sales price. You can also use a renovation loan to refinance your existing mortgage and finance the costs of your desired repairs and improvements into the new home loan.
If the house is uninhabitable while being renovated, you can finance up to six months of your mortgage payment into the loan to alleviate you and your family from having to make two payments at the same time.
Eligible repairs and upgrades may vary from loan program to loan program, so be sure to ask your Fairway mortgage advisor about all your options when discussing the specific details of your project.
Renovation Loan Highlights
When shopping for a home, you may come across properties that aren’t quite what you’re looking for but have the potential to be your dream home with some repairs or renovations. With a renovation loan, you can roll the cost of financing or refinancing a home and repairs into one loan – saving you time and money.
- Homestyle Renovation Loan
- Limited 203(k) Rehabilitation Mortgage
- Standard 203(k) Rehabilitation Mortgage