Capital Home Mortgage Alabama
Call Today (205) 352-1030
Alabama Home Mortgage

Capital Home Mortgage Alabama

Alabama Renovation Home Loans

PreQualify
Refinance
Information

Mortgage Lender Alabama

Home Renovation Loans Alabama

A home renovation loan is a type of loan that gives homeowners the financial resources they require to make repairs and improvements to their homes. It’s often bundled with a mortgage loan. Borrowers may use this loan to purchase a home or refinance an existing mortgage. Property improvement loans are the only type that allows homeowners to receive credit for an increase in the value of their homes. This allows the borrower to obtain the best interest rate. The value of the home after it has been renovated is the most important consideration for home improvement loans, which are calculated based on an estimate of the home’s value after it has been renovated. The borrower may be required to provide evidence that the money was spent on the house or paid to a contractor, but this will depend on the type of loan received.

Types Of Home Renovation Loans

  • FHA 203K

This government-backed loan can be utilized to finance the acquisition of property and refurbish an existing one. There are two different kinds of FHA 203(k) loans: limited 203(k) loans, which have a maximum loan amount of $35,000, and standard 203(k) loans, which are for more extensive home improvement or building endeavors. Both of these loan types require a minimum credit score of 580.

  • Fannie Mae HomeStyle

A Fannie Mae HomeStyle loan also called a HomeStyle Renovation loan, is a kind of mortgage loan that enables homebuyers to finance their home’s purchase or refinance as well as the cost of renovations or repairs with only one loan. Fannie Mae, a government-sponsored company that aspires to increase house ownership opportunities for American families, provides this loan. The HomeStyle loan can be used for various home improvement projects, from modest updates like energy-efficient appliances to significant projects like kitchen or bathroom remodeling, room addition, or landscaping. Additionally, the loan can be utilized to restore an older home to its former splendor. Keep in mind that these loans are subject to specific credit and income requirements, as well as a down payment of at least 5% of the purchase price or the as-completed value of the property. All remodeling work must also be performed by a certified contractor and in compliance with all applicable codes.

  • Freddie Mac ChoiceRenovation

CHOICERenovation enables lenders to offer loans to Freddie Mac, in which the borrower pays for improvements with loan proceeds. This solution fills a market void for lenders seeking a robust, conventional offering to support renovation financing and give borrowers cost-effective choices. Both CHOICERenovation and HomeStyle Renovation loans are mortgage choices for financing home improvements, although they differ significantly. The HomeStyle mortgage does not allow you to fund changes to your home’s resilience (think of it as “disaster proofing”); however, the CHOICERenovation mortgage does. The most crucial distinction is that the total cost of the renovations that can be financed cannot exceed 10% of the value of the home after it has been finished (or 15% in rural areas that have a high needs rating). And any Freddie Mac Seller is eligible to supply recourse-free CHOICEReno eXPress mortgages before the renovations finish, even if they are still ongoing.

Apply For A Alabama Home Renovation Loan

Capital Home Mortgage Alabama is both a direct lender and a servicer of mortgage loans. Residents in Washington are eligible for our full selection of loans for home improvements. Our highly experienced mortgage team will work with you to find the finest lending package that meets your requirements and is within your budgetary constraints. To get your home improvement projects underway, please contact us at (205) 352-1030.
Why Alabama HomeBuyers are Choosing Capital Home Mortgage
Close On Time

Complete Control from Application to Funding

Low Rates & Low Fees

Direct Lender with Competitive Rates and Low Fees

Exceptional Service

7  Day a Week Support Application to Final Mortgage Payment

Alabama Mortgage Rates

Have you ever wondered why interests rates are what they are and what determines the final rate?  Why borrowers receive different interest rates? Or why rates go up and down?  Interest Rates are calculated using several factors.

  • Demand for the mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness
Rate Quote

Alabama Fannie Mae HomeStyle RenovatioN Loan

Fannie Mae Homestyle Reno is a program that allows a homeowner multiple renovations options… from a simple luxury addition, to small cosmetic updates to a full rehabilitations.

  • 95% LTV Primary Residence
  • 97% LTV 1st Time Buyer Single Family
  • 85% LTV on 1 Unit Investment
  • 90% LTV on Second Home
  • Purchase & Refinance
  • As Completed Values
  • Maximum Loan Amount – $715,000
  • High Balance (Varies By County)
Renovation

Alabama Freddie Mac Choice Mortgage Loans

Freddie Mac Choice Reno is a great alternative to a new home purchase.  It allows for a buyer to renovate a home as part of purchase or refinance bringing it back to life. Making your dream home come true might just be updating that older home. 

  • 95% LTV Primary Residence
  • 97% LTV 1st Time Buyer Single Family
  • 85% LTV on 1 Unit Investment
  • 90% LTV on Second Home
  • Minimum Credit Score 620
  • Luxury Renovations are Eligible
  • Maximum Loan Amount – $715,000
  • High Balance (Varies By County)
Renovation

Alabama FHA 203K Renovation Loans

FHA offers both a Steamline and Full Rehabilitation Loans.  This is a great option for 1st time homebuyers looking to purchase a home that needs a little TLC.

  • Purchase & Refinance Options
  • Primary Residences Only
  • Single, Multi Family & Condo’s
  • As-Is Improved Renovated Value
  • 203K Streamline
  • Less < 35K, Cosmetic Repairs Only
  • 203K Full Rehab
  • Greater > 35K, No Restrictions
Renovation

Alabama Mortgage Team

Dale Gremillion

Manager / Sr Loan Officer
NMLS 210325
(512) 750-6363
APPLY NOW

Conor Hayhurst

Manager / Sr Loan Officer
NMLS 743506
(940) 393-6787
APPLY NOW

Brad Rund

Director Native American Lending
Director Manufactured Housing
(405) 202-2144
MY HOMEPAGE

Alabama Mortgage Company Reviews

AlabAMA Cities

Birmingham Home Loans

Learn More >

Montgomery Home Loans

Learn More >

Mobile Home Loans

Learn More >

Huntsville Home Loans

Learn More >

Tuscaloosa Home Loans

Learn More >

Hoover Home Loans

Learn More >
1992 Lewis Turner Blvd #1294 - Fort Walton Beach, FL 32547 [email protected]

Privacy Policy | Legal | NMLS Access | Licenses | Site Map

Page Link

Complaints? Email us at [email protected] or Call (208) 629-0606.  Credit on Approval. Terms subject to Change Without Notice. This is Not a Commitment to Lend.  Capital Home Mortgage at Premier Mortgage Resources, LLC (“PMR”) NMLS # 1169 | www.nmlsconsumeraccess.org | Equal Housing Opportunity | PMR is not an affiliated or an agency of the federal government. All information contained herein is for informational purpose only and, while every effort has been made to ensure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates, terms, programs, and underwriting policies are subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans are subject to underwriting approval. Some products may not be available in all states and restrictions apply. Not an offer to extend credit or a commitment to lend. Terms subject to change without notice.  Not all branches or MLO’s are licensed in all states.

Accessibility Toolbar