There's something really satisfying about taking a great home, giving it some added attention, and making it even better. At Supreme Lending, we offer two loan programs that can get the job done. One of our Mortgage Professionals can help you decide which option might work best for you.
Homestyle Renovation
- Program offered through Fannie Mae mortgage company with loans administered through Supreme Lending
- Cosmetic improvements, including interiors, kitchens, baths, flooring, and remodeling
- Energy conservation improvements
- Repair structure damage, pay for additions or finish attics and basements
- Eliminate hazards
- Repair or replace roofing, gutters and downspouts
- Add landscaping or repair patios and terraces
- Install decks or fending
- Repair or add a detached garage
- Install or repair swimming pools
Program Highlights
- Loan is based on improved value
- Owner-occupied second homes and investment properties
- One loan, one closing and one monthly payment
- Project completion time up to 6 months
- Purchase or refinance
- Minimum credit score 680
- Consultant required if repairs exceed $15,000
FHA 203(K) Rehab Loans
The Federal Housing Administration is known for its exceptional mortgages for first-time homebuyers. But it also offers attractive home rehabilitation loans. Through this program, you can finance a home purchase plus needed renovation work through a single mortgage instead of applying for multiple loans.
- Fixed-rate, 30-year loan
- Minimum credit score of 620
- Maximum 55% debt-to-income for credit scores above 640
- Maximum 50% debt-to-income for credit scores 620-639
- Funds disbursed to the contractor as work is completed and inspected
- FHA 203(k) consultant required
- No funds are disbursed in advance
- Up to 5 disbursements can be made
- No maximum rehabilitation escrow amount
- Refinancing options available
