St. Louis HomeStyle Renovation Mortgage
The Sean Z team of mortgage professionals make it easy for St. Louis residents to get the extra funding they need to turn that likable fixer–upper into a home that they love.
Now is the time to take advantage of construction loans being offered by financing companies like Fannie Mae. These special mortgage packages give you plenty of extra cash to add appeal and value to your new St. Louis home.
What it is the HomeStyle Renovation Mortgage?
Not so long ago a St. Louis homeowner would turn to a home equity loan or line of credit to make any repairs or upgrades on a new house. Those days are gone, but with the number of homes on the market in need of repair, Fannie Mae came up with a program that can get the home buyer the financing they need, all included in the price of the mortgage. One loan, one closing.
Sean Z’s team knows that investing in a fixer-upper can be a scary undertaking. All of the mortgage professionals on staff have studied this offer thoroughly, and know exactly what it takes to help get you approved. The house you have in mind may need major repairs or just a little updating. Large or small, our team will work with you to get the funding you need.
The HomeStyle Renovation mortgage allows the borrower to obtain the money needed for the purchase of a new home along with the cash to pay for the cost of any repair, remodel or renovation. You can even use the money to add energy efficiency improvements to the house like skylights. The only requirement by Fannie Mae is that the construction be a permanent fixture to the home and that it increases the property value. If it is an energy efficiency upgrade, the borrower will need to get an energy report highlighting the approximate savings that the improvement gives. We are happy to be able to offer this opportunity to our valued clients knowing how anxious a buyer is to turn their new house into a home.
How does the HomeStyle Renovation Mortgage work?
The HomeStyle Renovation loan lets the buyer combine the purchase of their house with the financing needed to make repairs or upgrades. There is no second approval process, extra set of paperwork or two closings. Everything you need to turn a house into your dream home is put together into one loan package.
Sean Z can help you get up to 50% of the home’s appraised value after the construction is complete. With as little as 5% down, a St. Louis home buyer can secure the funds to add siding to the house, repair broken pipes, replace outdated appliances, even add a swimming pool to the property. So long as the investment is a permanent structure that adds value to the property, this amazing offer from Fannie Mae will loan you the funds for it.
With no second loan to pay off with a high interest rate, the Fannie Mae HomeStyle Renovation mortgage is the perfect solution to adding those extra touches you desire to make the house your own.
This loan is available for a primary, single family residence or for a second home. Sean Z can even help you get funds from the HomeStyle Renovation mortgage if you are considering fixing up an investment property.
Can I refinance my home with the HomeStyle Renovation Mortgage?
This offer is also available to the St. Louis homeowner who is happy where he is, but would like to make some upgrades to his home. Sean Z’s mortgage professionals can assist with refinancing your current home through the Fannie Mae HomeStyle Renovation mortgage so that you can stay where you are, but make those necessary repairs and additions that you have always dreamed of. You can use those funds to improve your landscaping, add a second garage, replace broken gutters, or even put in a hot tub.
The same rules apply with the refinance loan. The improvement must be a permanent fixture that adds value to the house. Our team knows that just about every St. Louis homeowner could think of one or two improvements they would love to see on their home. Instead of stretching your budget with a hard to get home equity line of credit, ask us what you need to qualify for a Fannie Mae Homestyle Renovation mortgage.
Every St. Louis resident deserves the opportunity to live in the home of their dreams. Let Sean Z and his team help you secure the funding to make that possible.