Supreme Lending offers HomeStyle® renovation loans as a convenient option to finance both your home purchase or refinance and the necessary renovation or improvement costs in one mortgage loan. Here’s what you can expect:
1. All-in-One Financing: Supreme Lending’s HomeStyle® renovation loans streamline the process by consolidating the costs of buying or refinancing a home with the expenses for renovations into a single loan.
2. Versatile Renovation Coverage: These loans cover a broad spectrum of renovation projects, from structural changes to energy-efficient upgrades, enabling you to tailor your home to your needs.
3. Property Flexibility: Whether it’s a primary residence, a second home, or an investment property, a HomeStyle® loan can accommodate various property types.
4. Down Payment and Equity Options: Depending on your circumstances, these loans can offer flexible down payment requirements, potentially as low as 3% for primary residences and 10% for second homes or 15% for investment properties.
5. Completion Timelines: Renovations usually need to be finished within a specified timeframe outlined by the loan guidelines.
6. Licensed Contractor Requirement: To ensure compliance with local building codes and quality standards, HomeStyle® loans typically require the use of licensed contractors for renovation work.
7. Interest Rates and Terms: Interest rates and terms for HomeStyle® renovation loans may vary, so it’s advisable to explore different options to secure the most favorable rates and terms.
Working with Supreme Lending for a HomeStyle® renovation loan can be an excellent choice for those seeking to purchase a fixer-upper or upgrade their existing property. However, it’s crucial to grasp all the details and responsibilities involved in this loan type. Working with Supreme Lending’s experienced mortgage professionals can provide valuable insights and guidance throughout the process.