Interested in learning about HomeStyle Loans?
HomeStyle Loans provides a great way for borrowers to make renovations, repairs, or improvements on their home. The loan amount can be up to 50 percent of the as-completed appraised value of the home. This is done with a first mortgage, rather than a second mortgage, home equity line of credit, or other more costly methods. Eligible borrowers include single home buyers, investors, nonprofits, and local government agencies.
Here a few key points to qualify for a HomeStyle Loan:
- CAN BE USED FOR PURCHASE, REPAIR, AND RENOVATE.
- THE PROPERTY CAN BE A 1-4 UNIT PRIMARY RESIDENCE.
- THE PROPERTY CAN BE A 1 UNIT INVESTMENT, SECOND HOME, OR CONDO.
- DOWN PAYMENT CAN BE AS LOW AS 5%.
- BORROWERS MAY BE ABLE TO DO RENOVATIONS.
- LTV BASED ON PURCHASE PRICE AND RENOVATIONS.
HomeStyle Loans can be included in a loan for home improvements, in a purchase, or re-finance transaction of an existing home. By partnering with the leading lenders in the industry, eMortgage Tech is capable and ready to get you qualified for a HomeStyle Loan.