Dallas Home Renovation Loans

If you need money to spruce up your home, a renovation home loan can help you repair or revitalize an existing property. You can use the money for cosmetic changes like painting or installing new siding. You can also use it for a complete home makeover.

For whatever reason you may need a home renovation loan in Dallas, Capital Home Mortgage can help you get the financing you need. We are a direct mortgage lender, so the loan process is more straightforward since it doesn’t involve any unnecessary third parties. 

Types Of Home Renovation Loans

Home renovation loans in Dallas come in three distinct types:

     – FHA 203(k) Loans

An FHA 203(k) loan is ideal for those with low credit scores and poor histories, as it offers leniency in government-backed areas.

Low-income families in Dallas can get an FHA 203(k) loan to buy a home and simultaneously finance the cost of renovations. With this type of loan, you can also refinance an existing home and include the cost of renovations in the new loan.

FHA 203(k) loans are available in two types — Standard and Limited.

• A Standard 203(k) loan is perfect for significant renovation projects, such as adding an addition to your home or gutting the interior to start from scratch. While there’s no cap on the maximum loan amount, you must maintain an FHA-approved property with repairs and renovations exceeding $35,000.

• On the other hand, a Limited 203(k) loan is best suited for smaller renovation projects, such as painting or installing new flooring. The maximum loan amount for this loan is $35,000, making it a great option if you’re working with a tight budget.

     – Freddie Mac CHOICERenovation Loans

A Freddie Mac CHOICERenovation Loan offers more flexibility, allowing you to finance both the purchase price of the home and the cost of renovations, all with one convenient loan.

CHOICERenovation loans are a great way to renovate your home without the expense of buying new ones. You can also refinance if you want, as long as renovations don’t exceed 75% of post-renovation values.

     – Fannie Mae HomeStyle Loans

The Fannie Mae HomeStyle Loan offers coverage for primary residences, one-unit second homes, or single-unit investments. It also has loans for all sorts of renovations, including luxurious and extravagant ones, so a Fannie Mae HomeStyle Loan may be the best option if you’re looking to do a high-end renovation.

They’re more flexible than FHA 203(k)s. However, they don’t cover more than 50% of the “as completed” appraised value for manufactured homeowners, which is unfortunate because it’s such an expensive type of housing.

Apply For A Renovation Loan In Dallas

No matter which type of Dallas home renovation loan you need, Capital Home Mortgage is here to help make it happen. Because we are direct lenders, we can offer flexible underwriting and competitive interest rates on your loan. 

Apply for a home renovation loan with us today by calling (800) 850-4255.