Renovation mortgages offer the opportunity to buy (or refinance) a home, and obtain money for improvements, all with one loan. Great for buyers that want to buy a fixer-upper, or someone who just wants to modernize an older home.
FHA 203(k) Limited: FHA 203(k) Limited loans allow qualified borrowers to finance a repair escrow up to $35,000. This program is designed to facilitate the purchase of homes needing minor repairs. Repairs can include, but are not, limited to the roof, plumbing, HVAC, minor remodeling, appliances, flooring, windows, siding, and more.
FHA 203(k) Standard: FHA 203(k) Standard loans allows more types repairs than the limited, allows a higher budget for the repairs, and requires the use of a 203(k) consultant to help you define the scope of the job and write the specifications. It includes all the repairs allowed for a limited, but it also allows repairs that are more structural, such as foundation repairs, or putting an addition onto a home.
Conventional Homestyle: The Homestyle is a conventional version of the FHA 203(k). The Homestyle has a down payment that is slightly higher than the 203(k)m but the cost of mortgage insurance may be less, and you can also finance investment properties and second homes.
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Trident to me is represented by the Face of Matthew Matz and Julie Hislop. They are the Ying and the Yang and together they provide the best service with the wisdom and knowledge and youthful energy that represents their dual talents with a common goal to be the #1 Best Mortgage representatives in the business. In my years of experience with Trident, time is of the essence and they get the job done on time every time. When I give a buyer to get their mortgage from Matt and Julie, I know they will be thanking me on the day of settlement. I get frustrated watching other agents allow other mortgage companies to represent their buyers and then have to hear their complaints when the settlements get postponed. 50-75 % of the time there are issues at settlements when other mortgage companies are used. When will they learn.~ D.H.