Homestyle renovation loans can be useful to those who are on the hunt for a home and realize they just can’t afford the home they want. It can be hard to find everything you want in a home, but if you use a homestyle renovation loan, you can fix up a home so that it’s the house of your dreams. Fixing up a home can be a lot of work whether it’s for personal use or as an investment, but we would be happy to get you the information needed to make sure you get the financing needed.
What Is A Homestyle Renovation Loan?
If you are considering purchasing a home but it looks like the home is in need of repairs and you aren’t sure if you can afford to purchase the home and fix it up, this type of loan may be the option for you. Or perhaps you own a home and would like to update the backyard or get new flooring, this type of loan can be used for that as well.
The first thing your lender will want to discuss is the value of the home. That will be a major factor in deciding if they want to move forward with funding your project. You will need to get the home appraised to get this value considering the upgrades you are thinking of making to your home. This type of financing can save you a lot of money in the long run since it combines the cost of the home as well as the renovation costs into one loan.
Whether you are purchasing a home and planning to fix it up or are looking to make updates to a home you currently own, this type of loan allows you to finance improvements for a large portion of the property’s value after the work is completed.
What If I’m A First Time Buyer?
Many first time buyers cannot afford a home that is turn-key ready so a homestyle renovation loan is a good option to still get the home you want for the price you can afford. These loans can provide a low interest rate and keep it affordable for you if you are trying to purchase a home for the first time. It also simplifies things so that you are only paying one payment versus paying off multiple loans. A homestyle renovation loan can be used for updates to an older home or to add additional living spaces or make improvements to the design or functionality of the home. This is a great way to add equity to the value of your home or improve the equity in an investment property.
Contact Us Today!
The best way to figure out if a homestyle renovation loan is the right choice for you is to get started on your research and reach out to a lender. You’ll want to discuss this with more than one lender in order to get the best rate for the property you have in mind. We would love to answer any questions you may have, so don’t hesitate to reach out to AmeriSouth Mortgage Company in Charlotte, NC today!