A Quick Guide to Renovation Loans

The 2 most common types of financing used for purchasing a home and financing its renovation are the FHA 203K and Homestyle loan products. A mortgage lender will handle the qualification and approval aspects of a project like this and a real estate agent is crucial in the sourcing and valuation of property. It is critical that the chosen construction team(s) is experienced and willing to work under specific requirements of these loan products.

All the work involved in a project like this- both on the front end and the back end is not a good fit for all houses or clients. They have their hitches but loan products like these help buyers with affordability and often contribute to decreasing dilapidation of neighborhoods.