Renovation Loans
If you’re considering a home renovation project, a personal renovation loan can help you turn your dream home into a reality.
Whether you want to update your kitchen, add a new bathroom, or make other improvements, our renovation loans provide the funding you need to transform your home.
Transform Your Home with a Personal Renovation Loan
We offer a variety of personal renovation loan options to suit your specific needs and budget. Our experienced team of loan specialists will work with you to determine the best financing solution for your renovation project. With competitive rates and flexible repayment terms, our loans make it easy to finance your home improvements without breaking the bank.
Renovating your home can increase its value and enhance your quality of life. Don’t let financial concerns hold you back from achieving the home of your dreams.
Choose The Right Option For You
Looking to buy a home but worried about your credit score or having enough for a down payment? Our renovation loan options can help make your dreams of homeownership a reality.
• VA Renovation and USDA Renovation: Purchase with as little as zero down payment
• FHA 203(k) products: Only a minimum 3.5% down payment required
• Fannie Mae HomeStyle® and Freddie Mac CHOICERenovation®: Only a minimum 3% down payment required, subject to eligibility with HomeReady® or Home Possible®. Also available for first-time home-buyers and FNMA or FHLMC retained loan refinances
• Fannie Mae HomeStyle or Freddie Mac CHOICERenovation: Requires an average or better credit score and 5% or more for down payment
• Renovations/repairs in a declared disaster area: The FHA 203(h) program is designed specifically for this purpose and can also be combined with an FHA 203(k)
Don’t let financial barriers hold you back from owning the home of your dreams. Contact us today to learn more about our personalized renovation loan options and start your journey toward a better home.
Our Renovation Loans include:
Freddie Mac’s CHOICERenovation®
With CHOICERenovation loans from Preferred Mortgage Corporation, our correspondent lenders can rest assured that we will accept delivery prior to the completion of the renovation. This provides greater liquidity and flexibility, making it easier for our clients to achieve their renovation goals.
We have also made it easier for more borrowers to qualify for CHOICERenovation by including the advantages of Freddie Mac’s Home Possible® program for qualified borrowers in conjunction with CHOICERenovation. Whether you are a first-time homebuyer looking to fix up a more affordable home, a current homeowner looking to make needed repairs and improvements to age in place, or a multi-generational family in need of a more customized living space, CHOICERenovation can help make your renovation dreams a reality.
Program Highlights:
• Up to 97% LTV of the “as-completed” value
• 85% LTV on a 1-unit investment property; 90% on a 1-unit second home
• FICO to 620
• Owner-occupied 1–4 unit condos, PUDs, 1-unit second homes, and investment properties are all eligible
• Luxury renovations and improvements are eligible, like adding a pool or outdoor living area
Fannie Mae Homestyle
Remodel, renovate or repair your home with a Renovation loan from Fannie Mae. Also available for new and existing homes – even new construction. You may qualify for renovation fund amounts from $5,000 up to 75% of your home’s post-renovation value. Lower closing costs, since you’re closing a single transaction. Several property types are allowed, including single-family homes, 2-4 unit properties, modular homes, second homes, and homes in Planned Unit Developments (PUDs). Fixed- and adjustable-rate mortgage options.
FHA Standard 203(k) Loan
The FHA 203(k) program is an ideal solution for those homeowners or homebuyers who wish to finance a property that requires repairs or renovations. With an FHA 203(k) from our mortgage company, you can offer your borrowers one loan that covers both the purchase or refinance of the home and the funds needed for remodeling or repairs. The FHA 203(k) program is designed to assist borrowers in making necessary repairs or updates to their homes, such as, Room additions, Second story addition, Structural repairs and changes, Foundation repairs, and Completion of unpermitted structures.
Program Highlights:
• Manual underwriting available
• Credit scores starting at 620, even on high-balance
• Major landscaping
• Cure health and safety issues
• Update old plumbing or septic
• Repair of driveways and sidewalks
• Complete remodel to accommodate disabilities
VA Renovation Loans
In support of our active and retired service members, we offer an innovative VA Renovation loan program that provides up to $50,000 for remodeling and improvements. With this program, VA borrowers can close on a property that may not meet VA Minimum Property Requirements (MPRs), and still ensure benefits for both the seller and buyer.
The VA Renovation program also offers zero down payment options for VA-qualified borrowers and Jumbo loan amounts up to $822,375 nationwide. Our dedicated Renovation Division makes the loan process easy and assists you at every step, including financing up to 90% on refinance.
In addition, improvements including luxury items that can be completed in four months are eligible under this program. At Preferred Mortgage Corporation of NY, we believe in serving our military who have so honorably served us and making their dream of homeownership a reality.
Here’s a glance at the benefits of the VA Renovation loan program:
- Up to $50,000 toward remodeling and improvements
- Can close on a property that may not meet VA Minimum Property Requirements (MPRs)
- Zero down payment requirement for VA-qualified borrowers
- Jumbo loan amounts up to $822,375 nationwide
- Up to 90% financing on refinance
- Eligible improvements including luxury items that can be completed in four months
Kickstart Your Remodel with a Renovation Loan
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Flexible Financing Options for Your Dream Home
Our experienced loan specialists will work with you to understand your project and guide you through the process of selecting the right loan option for your needs. With competitive rates and flexible terms, our home improvement loans provide the financing you need to turn your dream home into a reality.
Achieve Your Home Improvement Goals
Renovating your home can increase its value and enhance your quality of life. Don’t let financial concerns hold you back from achieving the home of your dreams. Contact us today to learn more about our personal renovation loan options and get started on your home improvement journey.
Get Started Today
Discover your mortgage options by filling out the form on this page or contact us today.
