Artery Remodeling
Artery Remodeling, renovating homes and offices in Maryland, DC and Northern Virginia
Artery Remodeling
Not All Is Lost. There Is Another Source For Financing Your Home Remodel
I can tell you from personal experience, after looking at hundreds of homes on the market. Finally, when you've found a home that's in a great location and falls within your financial plan, but ... it needs work. Major Work. You're wondering just how you can handle both a mortgage payment and the cost of repairs or remodel.
Luckily, you have a financing option available. HomeStyle® Mortgage Program offers borrowers of all income levels up to 90 percent financing for the purchase and improvement of a home. Financing is based on the "as-completed" appraised value of the home, and borrowers can use up to 50 percent of that value for improvements or repairs.
The only types of repair that I would not recommend under the HomeStyle® Renovation Mortgage Program are water damage, mold, and any structural repairs to the foundation and/or load bearing walls. These types of alterations could result into much larger projects once the remodeling contractor does the demo and determines what the actual repairs are needed to fix the damage to the property.
HomeStyle® Mortgage Program: Notable facts
- Benefits Qualify for loans based on the as-completed value of the remodeled property.
- Improve your home at low first mortgage interest rates.
- Do almost any type of improvements or repairs. This means that the improvement funds can be used for "cosmetic" purposes such as carpeting and various kinds of remodeling.
- Finance up to six months of mortgage payments to cover non-occupancy costs during construction.
- Lender involvement in construction oversight and monitoring provides added value to borrowers.
- This mortgage is available to owner-occupants, purchasers of second homes and investors.
- Eligible properties are one- to four-unit homes, condominiums, and PUDs.Can finance up to six months of mortgage payments for owner-occupied properties to cover non-occupancy costs during construction. For example, if you have to spend six months renting an apartment while your home renovation takes place, you can roll those expenses into your loan amount.
- Maximum renovation amount is 50 percent of the as-completed value of the property.
- A contingency reserve equal to 10 percent of the cost of the renovation is required, and may be financed out of the loan proceeds.Loan amount based completed value but capped at the current Fannie Mae loan limits. *adjusted annually.
- The improvements should be performed by remodeling contractors who are licensed, registered, or certified or have the highest level of certification required.
-Jim
(240) 315-5785
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