Whether you are looking at purchasing a property that needs some work, or you have home projects you are wanting to complete, Prost Mortgage Group, a mortgage lender in Northern Kentucky, can help you research the many options that are available. Let’s take a look in the following paragraphs and compare options.
Home renovation loans are designed to provide homeowners with the necessary funding to renovate a home in the manner they desire. Some of the options to choose from are 203K Financing, Fannie Mae Homestyle Renovations, Cash-out refinancing, FHA (Federal Housing Administration), VA, and more. But what does all of that mean? No worries, we’ve got you covered.
Let’s Find One That Fits Your Needs
FHA Limited AND Full 203K Financing
- Finance up to 96.5% of price + repairs on a purchase
- Finance up to 97.75% of subject to value on refinance
- Limited 203K is for repairs up to $35,000 and non-structural
- Full 203K is for repairs > $35,000and/or structural – HUD Consultant required.
- General Contractor to oversee both financing options
- 640 minimum score
- Allows 1-4 family homes, condominiums
Fannie Mae Homestyle Renovations
- Finance up to 97% on primary residence purchase and refinance – 620 minimum score
- Finance up to 85% of price + repairs on investment property purchase – 660 minimum score
- Finance up to 75% of subject to value on investment property refinance – 660 minimum score
1st Mortgage Home Equity Loan
- Cash out for renovations up to 80% of value
- FHA, VA, or Conventional
Here at Prost Mortgage Group, a mortgage lender in Northern Kentucky, we are experts in providing professional services to those considering a home renovation loan. With over 25 years of experience, we are well prepared to walk with you every step of the way, answering questions and ensuring you are fully informed.
Want to discuss which home renovation loan may be right for you? Give us a call today at 859-795-1316 or start the process by going to www.homeloansuccess.com. We are here waiting to help you today.
Prost Mortgage Group is a mortgage lender in Northern Kentucky serving all of Kentucky, Ohio, Indiana, Tennessee, Florida, and Michigan
Success Mortgage Partners, Inc. supports Equal Housing Opportunity. NMLS ID# 130562. This is informational only and is not an offer of credit or commitment to lend. Interest rates, products, and loan terms are subject to change without notice and may not be available at the time of loan application or loan lock-in. Contact Success Mortgage Partners, Inc. to learn more about your eligibility for its mortgage products. Loans are subject to buyer and property qualification. Cash reserves may be required. Success Mortgage Partners, Inc. is not acting on behalf of or at the direction of HUD/FHA or the Federal Government.