CONSIDERING RENOVATING A NEW HOME PURCHASE?

Purchase or refinance You might be shocked to know that financing
a renovation project may not be as difficult as you think.

In fact, working with the right lender and team of experts can make the process
almost as easy as a traditional loan.

Don’t miss out on your dream home. Learn more about home finance solutions
that can help you transform a house into a home. Find out if you qualify.

It only takes 60 seconds to get started.
There is no sign-up or any commitment.

THE HOME RENOVATION LOAN PROCESS:
HOW IT WORKS IN SIX STEPS

“I want to finance a renovation but I don’t know where to begin or what to do.”

LOAN PRE-APPROVAL

Like any other loan you will begin with a pre-approval. If qualified, the loan will be approved for your budget/loan amount. This is the sales price plus renovation costs. You will also begin looking for a contractor. If unsure who to call, no problem. We’ve worked with many contractors and can recommend a well-experienced one for your project.

FIND A PROPERTY AND MAKE AN OFFER

Once you have found a property you love your real estate agent will help you prepare an offer. Be sure you are within your approved loan amount. Also, if possible, have your recommended contractor give you an estimate on the renovations costs.

LOAN PROCESSING

This is where the ball really gets rolling! Our team will help ensure all necessary inspections are ordered, appraisal is completed, your contractor has his final bid write up submitted and any other requirements are met.

CREDIT PROCESSING

The hard part is over but there are still a couple loose ends that need to be tied up. At this step, we will get an updated list of income and assets to make sure all the necessary funds needed to close are still available. Credit conditions will the also be submitted for processing by our team.

CLOSING

2 weeks prior to closing we will submit the buyer and contractor conditions. At this point the loan is scheduled to close “as-is”.

RENOVATIONS BEGIN

This is the fun part and what you’ve been waiting for. Your contractor can begin renovations on your home. Depending on your loan guidelines the number of inspections and when your contractor is disbursed his funds may vary. Once the work is complete a final inspection will be conducted. Enjoy your dream home!

Don’t Be Afraid To Consider A House That Needs A Renovation.

Not everyone can see the potential in a fixer-upper. But those who do can create a home that lasts a lifetime. When you assemble the right team of professionals for your renovation there are some really good benefits to be had.

Having experienced loan officers and realtors on your side can make renovation loans no more difficult than a traditional loan. You probably might be surprised to know that they can close in the same amount of time.

Did You Know?

  • Renovation loans aren’t just for fixer-uppers. You can finance with a renovation loan on any home.
  • You can refinance into a renovation loan?
  • Some renovation loans can be used for luxury items. Get that pool you’ve always wanted.

Talk To One Of Our Loan Officers

Schedule a time to discuss your renovation mortgage options.
REQUEST YOUR FREE RENOVATION LOAN CONSULTATION

WHAT ARE YOUR RENOVATION LOAN OPTIONS?

You might be surprised to know that there are various types of renovation loans. Our loan officers specialize in renovation loans and
can quickly assess your unique situation and recommend the best loan option for your needs.

FHA 203K Standard

Loan Quick Facts

Can be used to purchase or refinace

Minimum repair amount of $5,000

Downpayment of 3.5% needed

Types of Repairs

Anything EXCEPT luxury items.

FHA 203K Limited

Loan Quick Facts

Can be used to purchase or refinance

Maximum repair amount of $35,000

Downpayment of 3.5% required

Types of Repairs

Anything EXCEPT luxury structural,
additions and landscaping

VA Renovation

Loan Quick Facts

Can be used to purchase or refinance

Maximum repair amount of $35,000

0% downpayment required per VA guidelines

Types of Repairs

Minor, non-structural repairs or renovations

HomeStyle®

Loan Quick Facts

Can be used to purchase or refinance

Maximum repair amount up to 75% of the
after improved value or of purchase price
plus renovation costs.

Downpayment of 5% if owner occupied,
10% if second home

Types of Repairs

All renovation work allowed, including luxury.

HomeStyle® 3% Down

Loan Quick Facts

Can ONLY be used for purchase

Maximum repair amount up to 75% of the
after improved value

Downpayment of 3% required

Types of Repairs

All renovation work allowed, including luxury.
Must add value to the property

HomeStyle® For Investors

Loan Quick Facts

Can be used to purchase or refinance

Maximum repair amount up to 75% of the
after improved value

Downpayment of 15% required

Types of Repairs

All renovation work allowed, including luxury.
Must add value to the property

The facts above are just a few of the highlights of each loan. Each loan type may have other guidelines and restrictions. Talk to one of our loan officers to get more details.

What Our Customers Are Saying

The Keystone Team at Movement Mortgage was great to work with, it was like Bada Bing, Bada Boom, fast, efficient, alot of fun to go through this process with, always there to answer any questions and I did have a bunch of them.

Steve P., Veteran, Erie, PA

TURN ANY HOUSE INTO A DREAM HOME!

If finding the perfect home is just taking too long – consider renovating.

With a renovation loan you can purchase a home and begin renovations immediately after closing.

Take the first step and find out if you qualify.

No committment. No obligation.

It takes 60 seconds to get started.