Renovation Loans
Is your home no longer working for you? Don't hate - Renovate!
What is a Renovation loan?
What is an FHA 203(k) loan?
FHA 203(k) Limited
This is a great option for health and safety repairs, cosmetic upgrades, roofing, flooring or new appliances
- Minimum renovation cost of $5,000 and up to $35,000 maximum
- Ease of FHA qualifying
- The standard FHA 3.5% down payment applies
FHA 203(k) Standard
Allows for major remodeling and complete rehabilitation
- Minimum repair costs of $5,000 and no maximum
- Loan amounts up to $110% of the homes after-improved appraisal value
- Safety and structural repairs allowed
What is a HomeStyle Renovation loan?
More flexible than the FHA 203K or other costly financing methods, the Conventional HomeStyle Renovation Loan is a convenient way to pay for repairs or major renovations!
- Traditional strong Conventional financing
- Investment properties permitted
- Second homes permitted
Why work with MiMutual Mortgage?
Renovation loans can be complicated. As a Renovation Loan specialist, MiMutual Mortgage knows the process, closes a high number of these types of loans and has a dedicated Renovation Lending department to follow through from application to after closing. (We were even featured on the Lifetime Network “Designing Spaces” home design television show!) We offer a variety of loan options to make your vision come to life! Whether your project is as small as new carpet or as large as completely rehabbing an uninhabitable home, we can help!
Learn more about our loans below. And to see our Designing Spaces Segment and learn more about the renovation loan process, watch below:
FAQs
your answer….
Your answer…
The FHA 203(k) Limited is a great option! Finance the cost of small repairs like peeling paint, shoring up electrical, or replace a leaking roof.
Most FHA home buyers do not have the extra cash to pay for these types of repairs. The FHA 203(k) Limited will roll the cost of these repairs into your mortgage and will get the home up to par with FHA’s health and safety regulations.
You’re in luck!
Both the FHA 203(k) and the Conventional HomeStyle renovation programs can be used in a refinance! This means, you can work with a contractor to devise a plan for a renovation and borrow based on the after-improved value of your existing home!
The answer is: with a Renovation loan!
Many homebuyers these days are adamant that they want their next home to have a pool. What if you could add a pool to any home on the market, or to your existing home?
With a Renovation loan, you can focus on finding the perfect home and add the pool. Or, if you already have a home you love, you can upgrade it!
In some markets, adding a pool significantly increases home value. It’s a win-win!
Start Your Mortgage Journey Today
You are about to begin the mortgage loan application
- Applying on the MiMutual Mortgage Online Loan Application is quick, easy, and secure! The loan application will take about 25 minutes to complete.
- Once your application is submitted, you can log back into the MiMutual Mortgage Online Loan Application to securely upload requested documents, view your loan status, and communicate with your mortgage team.
- If you have questions, reach out to your MiMutual Mortgage Loan Officer.
Your guided mortgage journey starts here!
Start Application