Renovation Loans! Great for making a house something you can call home...
Our Renovation Loan Rates Are Low & Our Process is Quick & Painless
A renovation loan is given to buyers who want to buy a damaged or older home and do repairs on it. Here’s how it works: Let’s say you want to buy a home that needs a brand-new bathroom and kitchen. We would lend you the money to buy (or refinance) the house plus the money to do the necessary renovations to the kitchen and bathroom.
Often the loan will also include: 1) an up to 20% “contingency reserve” so that you will have the funds to complete the remodel in the event it ends up costing more than the estimates suggested and/or 2) a provision that gives you up to about six months of mortgage payments so you can live elsewhere while you’re remodeling, but still pay the mortgage payments on the new home.
This is a great product for the current housing market. As you have probably already noticed, there are an abundance of foreclosures that need a ton of work. In most cases you can get the house for a great price and with the right renovation budget you will have instant equity.
We’re here to make the renovation home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE Renovation Loan Qualifier.
We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you – whether you’re a first-time home buyer or a seasoned investor.
The Acre Mortgage Renovation Loan Process
Here’s how our home loan process works:
Complete our simple Renovation Loan Qualifier
Receive options based on your unique criteria and scenario
Compare mortgage interest rates and terms
Choose the offer that best fits your needs
Why a 203K Loan?
The main benefit of these loans is that they give you the ability to buy a home in need of repairs that you might not otherwise have been able to afford to buy. Plus, the down payment requirements are minimal, and often you get decent interest rates.