Renovation - HomeStyle Loans in Jeffersonville, IN
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Renovation - HomeStyle Loans
So many homes out there have the potential to be great homes, but need just a couple of tweaks to make them perfect!
Has this happened to you?
You’ve found the almost perfect home, but it needs an updated kitchen, new flooring, or maybe a pole building on the property for your hobbies. We have the perfect loan options for those small updates or even large-scale remodels.
HomeStyle is a conventional loan product, so the down payment (DP) amount is a bit higher than its FHA 203(k) counterparts. Use for both small & large projects.
Quick notes about this loan product:
- 5% DP ($10,000 on a $200,000 home) is required if it is your primary residence
- 10% DP ($20,000 on a $200,000 home) on your secondary residence
- 20% DP ($40,000 on a $200,000 home) on an investment property.
- There is also a 620 Minimum credit score.
There is no minimum to the repair costs, but there is a maximum of $150,000. Any repairs over $15,000 require a HUD consultant, however we suggest always using a one to save yourself some headaches. The consultant facilities the repairs between you and the contractor(s). There is a bit of additional work/coordination to make these loans a success, as such we’ve created this graphic on how the process works.
"Successful homeownership is not just putting people into homes, it's also making sure people keep their homes. "