Renovation Purchase

Turn that run down home into the home of your dreams with a renovation loan.

Product description

Whether you’re remodeling your kitchen, replacing your roof, or you’re looking to purchase a fixer upper; a renovation loan is what you’re going to need. When we’re talking about financing a home in need of repairs we’re most often talking about one of two types of loans, HomeStyle and FHA 203(k). Both HomeStyle and FHA 203(k) can be used for structural and/or cosmetic renovations. With both loan types, your renovation work can begin immediately after closing.

The primary benefits of a Renovation Purchase are...

How do I qualify?

Some other eligibility requirements include...

Why us?

We’re transforming the way people think about financing their home. We’re also building a team that proactively tackles the challenges that come with getting a mortgage. Learn more about why we do what we do.

Is a Renovation Purchase right for you?

Speaking with one of our experience loan help officers can help you further decide the best option, weighting the benefits and drawbacks of loan types so that you can make the best decision for your situation.

Rate Assumptions

Last Updated: September 20, 2021, 9:23AM

Purchase of a one unit Single Family Home as a Primary Residence in Utah. 760+ FICO Credit Scores. $400,000 sales price/appraised value, $300,000 Loan Amount (75% LTV), 1% or less in Loan Discount Fee quoted in Interest Rate and APR. Typical lender closing costs without pre-paid escrow items and discount fee for rate range between $3,000-$4,000. Escrow account for taxes and insurance included in the loan.

VA - Waived, Upfront Funding Fee.

FHA - APR Includes Upfront and monthly Mortgage Insurance Fees