Renovation Loans – Does SMP offer this option?
A renovation loan from Success Mortgage Partners offers you the opportunity to transform a property with potential into your dream home while ensuring your loan approval. How does it work? If you’re facing challenges in getting approved for a loan on a property that requires improvements, a renovation loan can be a valuable solution. Success Mortgage Partners provides a range of renovation loans specifically designed to cover both the property purchase and any necessary minor or major repairs. With our renovation loans, you can bring your vision to life while overcoming the obstacles that may have hindered your loan approval in the past.
Renovation Loan Options that Fit Your Needs
FHA 203(k) Standard & Limited
Success Mortgage Partners requires a minimum 620 credit score on all FHA loans
Minimum reno amount of $5,000 required, no maximum amount
203k self-help and contractors related to the borrower are not allowed
Manufactured and on-frame modular homes are not allowed.
203k Standard covers many “major” repairs, such as structural repairs, moving or altering a load-bearing wall, or even knocking the house down to rebuild it if you leave part of the existing foundation intact.
203k Limited covers a max of $35,000 toward repairs. This loan type is intended for less intensive changes or updates such as roof repair, replacement of HVAC, flooring, or minor remodeling work.
HomeStyle® Renovation Mortgage
Include renovation costs in one loan to purchase or refinance.
No minimum renovation cost required
Maximum renovation cost is 50% of the “as completed” appraised value of the property.
HomeStyle® for Investors
An investment-specific loan covering single unit properties with all renovation work allowed, including luxury additions, and a minimum downpayment of 15%. Investment property purchases go up to 85% LTV with optimal FICO at 620 or above.
A renovation loan by Success Mortgage Partners can restore your homeownership dream & let you make the home your own.
Contact one of our licensed loan officers today to apply!