You deserve to live somewhere you truly love. From small-scale projects to a full gut rehab, a home renovation could finally give you the feeling of home that you’ve always wanted. Whether you can’t bear to part with where you live now, or you’ve found the perfect location with a not-so-perfect house, a renovation loan could be just the thing to help you spruce up your space.
Taking out a home renovation loan is easier than you might think. If you’re starting a renovation project in your current home, you have the option to refinance your mortgage while securing financing for your project, all in one loan. For those who have found the perfect fixer-upper, combine your renovation and mortgage costs, also in one loan. Save yourself both time and money, so you can get started on your project sooner.
What types of renovation loans are available?
The two major types of renovations loans are the FHA 203(k) loan, insured by the Federal Housing Administration, and the HomeStyle loan, guaranteed by Fannie Mae. Both options allow you to take out a single loan that finances both your renovation project, as well as the purchase or refinancing of a home.
There are two types of an FHA 203(k) loan:
What are the benefits of a renovation loan?
When finding the perfect home in the ideal location is proving difficult, taking on a renovation project might be the best way to feel most at home. Then again, your beloved current house might just need some improvements. Save time, energy, and money by securing financing for both a renovation project and the purchase or refinance of your home, all in one loan.
Your loan experts at Wintrust Mortgage believe you should love where you live, and we want to help you get the most out of home. Are you ready to make your house your own? Reach out to learn more and discuss your options.
Restrictions apply. Program, rates, terms and conditions are subject to change at any time and without notice. All approvals are subject to underwriting guidelines. Wintrust Mortgage is a division of Barrington Bank and Trust, N.A., a Wintrust Community Bank NMLS #449042.