Renovation Loan

What is a Renovation Loan?

Renovation loans allow for you to finance in repair costs to fix up your home. Typically the lender will get quotes and estimates from a contractor and then determine how much the repairs and renovations will increase the value of the home.

Where we can help you?

Loan Eligibility

These loans can be great for the first time home buyer or someone looking to upgrade into a bigger home. How is that so?

With a shortage of lower priced homes on the market, a home that needs a little TLC/upgrading can allow you to put the finishing touches on your home exactly as you like!

It can also easier to negotiate on price when the seller knows that work needs to be done to the property.

Both Government loans and conventional loans allow for renovations to be financed.

FHA

  • 203K limited (no minimum repair amount, maximum is $35,000)
  • 203K (Minimum is 5k in repairs) Maximum of 5 draws for contractor

OR

Conventional

  • Unlimited financing based upon the estimated after repair value.
  • Fannie Mae Homestyle allows for all repairs to include pools, additions, and garages.

OR

VA

  • Up to 50k in improvements. No structural repairs may be done.
  • Pools are acceptable.

Ryan is an Army combat Veteran.
Iraq (1st CAV) and Afghanistan (101st)

Speak with a

CFG is owned and operated by Proud Veterans, military family members and supporters of our Great Armed Forces. We have extensive experience with the loan process and are here to support you every step of the way.

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