Those looking to purchase or refinance a home and renovate it have additional mortgage options compared to those who just want to do the former. For example, the 203(k) loan...
203K Loan HomeStyle® Renovation Mortgage Freddie Mac Renovation Loan
Customize your new or current property so it fits your personal style witha renovation loan insured by the Federal Housing Administration, or FHA.
Both types of FHA-approved loans have low-down payment requirements, as well as more relaxed guidelines.
There is renovation loan offered by the Federal National Mortgage Association, which is also referred to as Fannie Mae or FNMA.
The third renovation loan is offered by the Federal Home Loan Mortgage Corporation, or simply, Freddie Mac.
Those who aren’t afraid to take on a fixer upper and see potential in a home that needs some work could also benefit from this type of renovation loan. There is both a fixed-rate and an adjustable-rate option.
Pre-Qualifications are an important step in today's real estate market. They show sellers that you are qualified to buy their home and that your offer should be considered above other, less serious offers.