Finance the cost of fixing up your home into your mortgage with a Renovation Loan
Southern Trust offers several renovation loans designed to cover the property along with minor or major repairs. Each has their own distinct advantages. Make sure to speak with Adam to learn about all of your options.
Types of Renovation Loans
FHA 203k Limited loans are used when you want to make minor cosmetic changes to a house. The total rehab cost cannot exceed $35,000*.
FHA 203k Standard loans allow you to make substantial structural improvements, repairs, remodeling, and updating to a house, or even tear down and build a new one over the existing foundation.
Fannie Mae HomeStyle® Renovation
The HomeStyle® Renovation mortgage is similar to the FHA 203K products, but follows conventional underwriting guidelines set forth by Fannie Mae. It permits borrowers to include financing for home improvements in a purchase or re-finance transaction of an existing home including luxury items like in-ground pools.
VA Renovation Loan
VA Renovation Loans allow Veterans to include minor renovation costs in the loan amount of a house for purchase, or for repairs being done to an existing home with equity. The total rehab cost cannot exceed $50,000*.
If you’d like more information on Renovation loans or if you’re ready to apply and get preapproved, complete the contact form on the right where it says “How Can We Help”.