The Best Renovation Loans Consultant In San Diego

by Will Johnson Will Johnson

Are you looking for good renovation loans near me? If so, work with good loan consultant who will provide advice on the various types of renovation loans.

In today’s San Diego real estate domain many homes listed for sale are in need of renovation. Many buyers pass the opportunity to buy a home at an affordable price as they do not have the funds available for renovation and remodelling.

Here comes the need of renovation loan in the San Diego market. A professional Renovation Loan Consultant will provide proper advice on the kinds of renovation loans available that serve different needs.

1. Fannie Mae Home style renovation loan: This loan can be used on an owner occupied, second home, or investment property. The loan to value on second home and investment properties will be lower. The renovation amount cannot cross 50% of finished appraised value and the buyer has up to six month for finish the renovation work.

2. Fannie Mae Home path renovation loan: Fannie Mae home path renovation loan is a special loan offered on Fannie Mae foreclosed properties. It allows renovation up to 97% loan to value with no mortgage insurance. It can be used by owner occupies or investment property. The investment property loan to value is 75%. The renovation amount cannot cross 35% of the finished appraised value or $ 35,000. The entire renovation work has to be completed in three months.

3. FHA 203K renovation loan in San Diego: The FHA 203K renovation loan allows up to 96.5 % loan to value. It follows all the FHAs guidelines allowing for lower credit scores. It allows repairs up to 50% of the loan amount. It requires cost consultant that can add to the closing costs. It is usually availed for major repairs.

4. FHA 203K streamline renovation loan: This loan is called streamline as it only allows $35,000 of repairs financed into the loan and it limits only two drawings. It allows up to 96.5% loan to value.

Wrap up

All the aforesaid programs have allowable and non-allowable improvements. They however cannot be used to add pool or other luxury items in your home.