Renovation Mortgages in St. Louis
Are you in the market for a new home, but nothing has that Wow Factor you seek? This is an issue that home buyers in all price ranges experience whenever there is even a slight hint of a shortage of inventory. But what if you could take the home you desire in the school district you choose, or location you so badly want, and give it the Wow Factor that meets your tastes to a T? Well, you can! What you need is a Renovation Loan; a loan that allows you to purchase a home at an agreed upon sales price, while rolling the costs of updating the kitchen and bathrooms, replacing that 25 year old worn out deck, replacing siding, soffit, & fascia, and a variety of other home upgrades and improvements into the loan. The value for these programs are based on the Subject To Value of the home once the renovations are completed, and not at the current value at which the humdrum home is listed for sale.
FHA 203K:
This renovation option requires a small down payment of 3.5%, the lowest rate, and can accommodate all homebuyers regardless of whether they are a first-time homebuyer, or buying their fourth home. This program will allow for a loan amount of 110% of the home’s appraised value as long as that loan amount does not exceed the program limit of $271,050.
Fannie Mae Homestyle:
This program allows for higher purchase prices and loan amounts up to $424,100. The Homestyle will also allow for “Luxury” amenities to be added to the home that the FHA option does not allow for. This option does require a 5% down payment.
First Integrity Mortgage’s Own Design Plus:
This program is the one of a kind Renovation version of our own Power Plus program. This program is designed for a premium level of house, that will allow a $424,100 1st loan, closing in combination with a 2nd that can, in certain circumstances, reach $300,000. There is no other program available that will allow the Luxury Home client to perform this level of renovation on a new home, or their current home, without dipping into their own funds for the renovation.
If the idea of purchasing a home in your ideal location and renovating it to meet YOUR tastes sounds like a plan you can buy into, please call me at (314) 856-5626 or (314) 878-7900, or e-mail me jdurham@firstintegrity.com, to discuss the best renovation option for turning your blah home, into the home of your dreams!
First Integrity Mortgage Services - We Think. We Care. We Deliver.