Home Renovation Loans
Are you looking to purchase a home requiring improvements or repairs? Are you searching for the best renovation option and don’t want to use your own savings?
This HOMESTYLE® loan from Price Mortgage can be used towards secondary housing and/or investment properties. This is one of the more popular Arizona Home Renovation Loans. You’ll want to research this option if you have a conventional loan and you’re looking to repair your home or there are repairs that an appraiser has approved. As long as the repairs are adding value by being connected to the property, it doesn’t matter if they’re categorized as cosmetic or structural. Home appliances are considered if the room they’re in is undergoing a full remodel and they are attached to the home. If your kitchen is under renovation, you may consider your dishwasher and stove top.
FHA 203K Full:
If you’re looking to purchase home that is in need of major repairs or renovations, you shouldn’t look any further than this FHA government insured loan. You’re able to borrow enough money to make the purchase as well as complete the repairs without having to take out multiple Arizona mortgages. The only requirements are that you place 3.5% down and the home must be your primary residence. Take advantage of repairing structural or cosmetic damage with a rehab loan offering fixed rates and refinancing options.
POOL Escrow Mortgage:
Arizona home renovation loans benefit other aspects of your property. Although many Phoenix home remodeling loans are used under one roof, this mortgage takes it outside! Price Mortgage’s POOL Escrow loan includes the cost of a new swimming pool and can be used on a conventional loan when financing or refinancing.
HUD REO Including Repair Escrow:
Only to be used on Arizona HUD and REO listings that an appraiser requires a MPR (minimum property requirement) type of repair. Price Mortgage’s Arizona home renovation loans allow you to exhaust all options before deciding which program or option is best for you, your family, or situation.
FHA 203K Streamline 203K(s):
This loan is more limited than, but similar to the FHA 203K Full loan. $35,000 is your spending limit and you’re able to only use the borrowed amount towards cosmetic in nature repairs. The name has meaning as repair costs are smaller and there’s less “red tape” to get through. You may also rehab homes as well as refinance an existing mortgage with this Arizona home renovation loan.
Seller or Buyer-Funded Repair Escrow:
This can be used on FHA or conventional loans. There is an exception, it can be used on a VA loan if the seller funds the repair. An appraiser doesn’t need to approve the repairs but the appraisal is required to be subject to the repairs being finished in order to satisfy this Phoenix home remodeling loan.
USDA Repair Escrow:
With Price Mortgage’s USDA Repair Escrow, an appraiser requires MPR (minimum property requirement) type repairs for a USDA-financed loan. You’re able to finance up to 100% of the purchase price with no monthly mortgage insurance premium. For rural properties with designation, they are guaranteed by the DOA (Department of Agriculture).
JUMBO Renovation Loan:
This type of mortgage requires a jumbo renovation loan for repairs the borrower requests and/or appraiser-required repairs. In order to receive this Arizona home renovation loan, the repair must be connected to the property while adding value and non-structured in nature.
Minimum Property/Underwriter Required/Appraiser Repairs:
You have the ability to use this on FHA financed loans that the appraiser or underwriter requires a MPR (minimum property requirement) type of repair. Ask us about the benefits of Price Mortgage’s Arizona home renovation loans.