Have you found the perfect home - but it needs a bit of work? Or, maybe a lot of help? Renovation loans for Pennsylvania homeowners may be the answer. With rising home prices and limits on new home inventory, many homeowners have opted for a renovation loan.
Home Point Financial's Renovation Lending programs may be the perfect fit. With the FHA 203k Standard, FHA 203k Limited and Homestyle Renovation programs, you can finance both the home and the repairs needed to fix it up with a single closing.
Pennsylvania FHA 203k Standard Program
The FHA 203k Standard loan program features include:
- Ideal for situations where major structural improvements (additions, structural changes, relocating homes, etc.)
- Possibility to borrow 100% of the after renovation value
- Available for purchase and refinancing properties
- Benefits for the buyer, seller and community, as funding makes it possible to improve properties
Pennsylvania FHA 203k Limited Program
- Ideal for situations where minor improvements (small kitchen remodels, appliances, window/door replacements, etc.)
- Intended for homes with less than $35,000 in improvements needed
- Available for purchase and refinancing
- Benefits for the buyer, seller, and community as funding makes it possible to improve properties
HomeStyle Renovation Loans (Fannie Mae)
- Ideal for situations where any improvements are needed to the home
- Single mortgage, single closing
- Mortgage is based on the as completed value of the home
- Minimum of 5% down payment
Pennsylvania Renovation Lending Program Restrictions
At this time, FHA 203k Standard, FHA 203k Limited and Homestyle Renovation loans with Home Point Financial are only available in Arizona, California, Colorado, Florida, Idaho, Massachusetts, Pennsylvania, Nevada and Washington State. There are other restrictions on these programs; please contact Home Point Financial to learn more.
Apply for a Renovation Loan in Pennsylvania
Ready to learn more about Home Point Renovation Lending ? Home Point Financial's home loan specialists are ready to answer all your questions. Contact us today.