Exploring renovation loans
There are a lot of factors to consider when home shopping or remodeling. By including the cost of repairs in the mortgage, our renovation loan programs help you expand your options.
Guaranteed Rate Affinity’s dedicated, experienced Renovation Specialists and their teams provide:
- A singular focus on all the questions and information related to renovation loans
- Fast, clear communication to help you close your loan quickly
- Experience and knowledge to help ensure thorough property appraisals
Renovation loan options include:
FHA 203k
- Property can be a single-family home or 2-4 units and must be a primary residence
- Ability to make required repairs plus optional improvements
- Down payment options as low as 3.5%
HomeStyle® Renovation Mortgage
- Down payment options as low as 3%
- All permanently affixed improvements allowed, including “luxury” improvements
- Property can be a primary residence, single-family dwelling, townhome, 1-4 unit multi-family dwelling, a second home or an investment property
Here’s how the renovation loan process works:
- Qualification based on income & credit
- Buyer selects property
- Initial underwrite and inspections
- Work Write Up or contractor’s bid
- Appraisal performed
- Final underwrite
- Closing package goes to attorney and title company
- The loan closes, a rehab account is created and funds are disbursed
- Renovations completed
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate Affinity for current rates and for more information.
Guaranteed Rate Affinity, LLC. is a private corporation organized under the laws of the State of Delaware. It has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture or any other government agency
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