Miami-Home-loan, and Element Funding, direct lending mortgage bank, report on another money enhancing program in their program offering. The 203(K) Limited, the 203(k) Standard, and, the Fannie Mae Homestyle Renovation programs gives a homebuyer, alternatives to buy their home and renovate it to their requirements. Jim Carter, senior loan officer, reports on the details of the three programs.
If you need to APPLY ONLINE NOW go to http://www.elementfunding.com/jcarter. Click the APPLY NOW button on the right side of the screen and apply on our secured site. If you want to know how I work with clients, here are some comments from a few past closed buyers, https://goo.gl/maps/akLwvGK9qto. The reviews are in the lower left of the left side bar. Just click on the title “Reviews” in that sidebar, and it will take you to them. Read them to learn about their experience!
Renovation loan programs are not “one size fits all.” Whether you need a few repairs here
or there, a major reconstruction or luxury upgrades finding the right renovation loan for your project is critical. PRMI Renovation Loans offers three financing options to meet the needs of any homeowner and any project:
- FHA LIMITED 203(K) PROGRAM
A great options for homebuyers who:
- Need less that $35,000 to finance minor home repairs or replacements like flooring, plumbing, roofing, or insulation.
The Limited 203(k) program is an FHA insured program that allows home buyers to include an additional $35,000 into their mortgage to make limited repairs or upgrades to their home before they move into the home. Homeowners can also refinance an existing mortgage and add up to $35,000 for renovations. This program is designed to help homeowners make repairs or upgrades to roofs, drainage systems, and, septic tanks, HVAC systems, plumbing, electrical systems, and, flooring. In addition, this program can be used to purchase and install appliances, repair decks, and paint. Read more about the 203K in these previous posts:
2. FHA STANDARD 203(k) PROGRAM
- Need to finance major renovations or virtual reconstruction
- Need additional financing for housing costs while their house is uninhabitable during the construction process
The FHA Standard 203(k) program is designed to provide renovation financing for homes that require major renovations beyond what is covered by the Limited 203(k) program. It coves everything from minor rehabilitations to complete team downs. As long as the foundation system remains in place, a home can be demolished or raised as part of rehabilitation and still be eligible. For example, homeowners can finance improvements to the home’s function, elimination of health standards and safety standards, enhancing accessibility for a disabled person, or, major landscaping. In addition, if the homeowner nees to move out while the home is under construction, he can finance up to six months of mortgage payments into the loan (restrictions apply).
- FANNIE MAE HOMESTYLE RENOVATION PROGRAM (Conventional)
A great options for homeowners who:
- Want to finance luxury renovations not allowed under FHA guidelines
- Need additional financing for housing costs while their home is uninhabitable during the construction process.
While the FA programs provide for renovation projects that improve the home’s functionality, health, and, safety standards, they do not for luxury items like new swimming pools, detached garages, and gazebos. The Fannie Mae Homestyle Renovation Loan allows homeowners to finance these luxuries in addition to the standard renovations allowed by FHA. The Homestyle Renovation Loan is best suited to the conventional borrower and contains one application, one closing, and, one set of fees. You will have the options to avoid mortgage insurance if you pay 20% down. Like the FHA Standard 203(k) program, borrowers can finance 6 months of mortgage payments if the house if uninhabitable during construction. Read more about the HomeReady® Renovation loan: http://miamihomeloan4u.com/miami-home-loan-and-the-fnma-homeready-loan/.
Element Funding and the Renovation-Loan Can Help!
Whether you are looking to buy your first starter home, upgrade, or downsize, Element Funding Renovation Loans offer various financing options for homeowners at any stage. Learn more about these programs in the links provided.
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So, if you or, anyone you know, is looking to find a Miami-Home-Renovation-Loan, a Miami-Home-Loan, or a South-Florida-Home-Loan, to purchase and renovate their own first-time home, or to refinance an existing property, and would like help in getting their best financing solution, call me, Jim Carter at Element Funding, at 305-525-6742. Your Miami-Home-Loan expert! If you want to see what other buyers have said in their review, please go to https://socialsurvey.me/pages/james-carter. And, If you want to APPLY ONLINE NOW, go to http://www.elementfunding.com/branches/5321/jcarter . Click the APPLY NOW button on the right side of the screen and apply on our secured site.
 Partial Article material provide by Gregory Hall, Team Lead at PRMI Renovation