Home Renovation Loan Information and Blog Posts
Current Home Location: Malvern, PA Built in 1958 2,000 sq. ft. 4 beds, 3 bath Valued at $472,000 The Renovation Blow out walls between kitchen, living & dining rooms to transform entire first level into an open concept Completely update kitchen with all new finishes & appliances No additional sq. ft. Total Cost: $55,000 Post-renovation value: $510,000 For Joanne and David, moving from their current home was never an option.
FHA 203K and Fannie Mae Homestyle loans have traditionally been the only solutions for homebuyers looking to finance both the cost of purchasing AND renovating a new home. But today, that’s no longer the case. Mortgage bankers now often avoid suggesting FHA 203Ks and Homestyle loans to their clients, and realtors are steering both their buyers and sellers away from these options completely. Why? There are four primary reasons that apply to both loans:
You’ve grown to love where you live, but you’ve outgrown your home. You could move, but it may mean choosing between the right home and the right neighborhood. So you’re considering a major renovation project, but don’t really know your financing options. Chances are you’ve heard of Fannie Mae Homestyle or FHA 203K Renovation loans, but aren’t sure how these loans work when renovating an existing home. Here’s what you need to know:
No matter what the motivation for your home renovation may be, you’ll want to know that your money is well spent. RenoFi helps you finance your project in the smartest way possible, and now we’re sharing which improvements provide the best return on investment (ROI) to increase your home’s value too. Here are the top 3 renovations with the best ROI: 1. Remodeling Kitchen & Baths As the two most utilized spaces in a home, investing in these rooms makes sense for both ROI and quality of life.
Current Home Location: West Chester, PA Built in 1930 1,800 sq. ft. 4 beds, 2.5 bath Previous renovations: remodeled kitchen, hardwood flooring throughout Valued at $405,000 The Renovation Additional 850 sq. ft. New great room with entry from backyard New master suite with walk-in closets All new exterior siding & roof Total Cost: $200,000 Post-renovation value: $807,500 Five years ago when Justin and Nicki found their current home in West Chester, they had no doubts it was exactly where they wanted to be.
You have decided a renovation project is the best way to get a home you really love. And you know you need a loan, but perhaps what you don’t know is where to start. We know it can be overwhelming, but take a deep breath. We are here to help guide you through the process! At RenoFi we break the renovation financing process into 4 simple steps that will walk you through the initial phase of getting your renovation off the ground.
Just like no two contractors are exactly the same, neither are their contracts or proposals. And at RenoFi, we’ve seen them all. But in order for us to help put you on the best path to a home you love, there are a few submission requirements necessary in every contract and every proposal/detailed estimate from your contractor that you should know. The Contract While collecting pay stubs and bank statements is pretty straightforward, this important part of your Home Equity Loan Checklist may be a little less familiar.
Why does finding the right contractor always feel like the hardest part of a home renovation? Trying to find a professional that’s not only reliable and experienced, but who you feel comfortable welcoming into your home and really understands your vision; the process can be overwhelming. You have a lot of questions, so we’ve got some answers for you. Here’s what you should know when choosing the right contractor for your home renovation.
You’re here because you’re considering a home renovation. And you’re not alone. In fact, you’re now part of the majority. This year, 73% of homeowners say they’re planning home improvement projects - 11% of them planning to spend over $25,000 to make their home fit their lifestyle. Renovation projects have become a lot less intimidating and a lot more popular. But why? With 59% of homeowners planning to stay in their current residence for 10+ years - or never move at all - here are two main reasons:
If a low credit score is preventing you from getting approved for a home loan, there are a few things you can do to bring it up pretty quickly. Depending on what items on your credit report are holding you down, these are some of the fastest strategies to boost your score. Clean Up Your Credit Report A mistake on your credit report could be pulling down your score. So before anything else, download the Credit Karma app to get access to your credit score today and everyday going forward.