Love your home but need a remodel?

April 16, 2019

Love your current home but thinking about a remodel? Wish you had a new kitchen, updated bathrooms, or an extra bedroom? 

Our lending friends at Waterstone Mortgage have a solution for you! 

If you’re looking to renovate or repair a home (whether it be an existing home or one that you plan to buy) there’s a variety of financing options to suit your needs.

The HomeStyle® Renovation mortgage is the perfect option for borrowers who want to make home repairs or renovations by taking out a single conventional mortgage (without the need to take out a second mortgage or home equity line of credit).

Program Details:

  • Renovation financing available for purchase or refinance loans
  • Can be used on almost any renovation project
  • A check for initial construction materials may be provided to the borrower and contractor at closing
  • 3% down payment for first-time homebuyers or 5% down payment for repeat homebuyers on 1-unit, principal residences
  • Renovation funds can be up to 75% of the lesser of these two amounts: the purchase price plus renovation costs OR the “as completed” appraised value for purchase loans; or 75% of the “as-completed” appraised value for refinances
  • Additional financing options available for 2-4 unit primary residences and 1-unit second home

Contact our friend Sandra Claymore to learn more!