Amarillo Home Renovation Loans

Home renovations can be expensive, especially with significant improvements and upgrades. Some renovations require substantial structural changes, which entails high costs. Even if the upgrades are not too costly, some families and homeowners may not necessarily have enough cash to cover minor renovations.

Regardless of the renovation, you can finance it through a home renovation loan.

Capital Home Mortgage offers renovation loans for Amarillo homeowners. Our experts will explain how this mortgage works and if it’s the most appropriate product for your needs. Contact us now or read further to learn more about our home renovation loans in Amarillo.

Types of Home Renovation Loans

We offer three types of renovation loans at Capital Home Mortgage. Each product has its unique characteristics and features. You should pay closer attention to these features to know if they match your renovation needs.

• Fannie Mae HomeStyle Renovation Loan

The HomeStyle loan from Fannie Mae is a flexible home renovation loan that lets you buy and renovate an old home. If your financial condition can’t afford a new home, renovating an old house is a good alternative. Fannie Mae only allows approved contractors to do the renovation. Find a Fannie Mae contractor before applying for this loan.

• Freddie Mac CHOICERenovation Loan

CHOICERenovation loans are similar to HomeStyle loans. However, from the name itself, Freddie Mac chooses and prioritizes certain applicants from the name itself. Borrowers who get preference in a CHOICERenovation loan are first-time home buyers, rural home buyers, senior homeowners, and multigenerational households. If you fit in the four prioritized applicants, contact our Amarillo loan officers to get started with this loan. Freddie Mac can finance up to 75% of your home’s value.

• FHA 203(k) Loans

The FHA is known for its accessible and affordable loan options for borrowers with low credit scores and bad credit history. FHA also offers a renovation loan aside from its standard 203(b) home loan. FHA 203(k) home renovation loans can access financing for minor and major home renovations. Let’s discuss these two in detail.

• • Standard 203(k)

Standard 203(k) is used for properties that need major remodeling or structural repairs. This type of renovation loan has no maximum amount, so that it can accommodate expensive renovations. However, its minimum loan amount is $5,000. Before choosing standard 203(k), your property must be within FHA limits.

• • Limited 203(k)

The Limited 203(k) is commonly used for new roofing, new appliances, or cosmetic repairs such as painting. This program provides financing for new and existing homes that can be remodeled, repaired, or updated for $35,000 or less. You better get a standard 203(k) if your renovation costs more than $35,000.

Get Your Home Renovation Loan in Amarillo

Are you renovating your home? Get a renovation loan in Amarillo today. Capital Home Mortgage is committed to providing clients with a convenient and painless application process. Call (800) 850-4255 to get started.