There was a time when getting the money to make repairs or improvements to a home required one of two options: save up and hope to get the job done in a few years or use less appealing financing like credit cards and 2nd mortgages. Thankfully, the modern-day homeowner has better options thanks to the FHA 203k and Fannie Homestyle Renovation loans.
These two loans are common in a few ways and also have their differences. They both will allow potential homebuyers the option to get enough money to purchase a house along with extra money to make repairs or improvements. Both offer a low-down payment. Most importantly, both options allow a borrower to have one loan with one low fixed interest rate to cover their needs.
These loans are perfect for rehabbing an existing home or for buying a home in need of some attention and then renovating the home to suit your tastes.Take a look at my latest post on MortgageRealty to learn your mortgage renovation options!