FHA 203k Loans
The FHA 203k is a renovation loan program that provides funds for both the purchase and renovation of a home. There are two types of an FHA 203k loan. The first is normal 203k, which is given for properties that need structural repairs such as a new roof or a room addition. The second is the streamlined203k, which is given for non-structural repairs such as painting and new appliances. The minimum Loan Amount is $5000.
Fannie Mae HomeStyle
The HomeStyle® Renovation mortgage permits borrowers to include financing for home improvements in a purchase or re-finance transaction of an existing home. HomeStyle Renovation provides a convenient way for borrowers to make renovations, repairs, or improvements totaling up to 50 percent of the as-completed appraised value of the property with a first mortgage, rather than a second mortgage, home equity line of credit, or other, more costly financing method. Eligible borrowers include individual home buyers, investors, nonprofit organizations, and local government agencies.
Get Pre-Approved for a Renovation Loan
If you are looking for a renovation loan in Irvine, Lake Forest and Mission Viejo, contact Cal Tech Mortgage at (949) 397-2181 for more information or to apply. We also work with clients throughout the entire state of California, including our local Northern California service locations of Rocklin, Roseville and Granite Bay.