Capital Home Mortgage Lubbock

Lubbock Renovation Home Loans

Lubbock Renovation Mortgage Lender

Home Renovation Loans In Lubbock

Homeowners and buyers who want more significant influence over their equity growth through renovations can benefit from a home improvement loan. If the work on a house would raise its resale value, a loan for that purpose may be a wise financial move.

What is a Home Renovation Loan?

A loan designated to renovate, remodel, or repair a home is known as a home improvement loan. Most of the time, it is a mortgage with additional funds to improve the home. The term “home remodeling” can refer to various uses and initiatives. It could be a loan for the acquisition of the property along with additional cash for the improvements. It’s possible that you could save money on home improvements by refinancing your current mortgage in exchange for a cash payout. It is also possible to use a loan from the government, such as a Fannie Mae HomeStyle loan, a Freddie Mac Choice Renovation loan, or an FHA 203(k) loan. All of these loans have different terms and requirements.

     – FHA 203(k)

The FHA 203(k) loan is a single mortgage loan from the Federal Housing Administration (FHA) used to finance both the acquisition of a home and its subsequent modifications. There are two different kinds of FHA 203(k) loans: (a) the standard 203k, which can be used to pay for renovations costing more than $35,000; and (b) the limited or streamlined 203k, which is intended to fund renovations costing less than $35,000.

For a property to qualify for financing under this HUD program, it must meet specific requirements for energy efficiency and structural soundness.

     – Fannie Mae HomeStyle Renovation

The HomeStyle Renovation Mortgage allows borrowers to finance home improvements with the purchase or refinance of an existing home. The HomeStyle Renovation Mortgage enables borrowers to finance up to 75 percent of the property’s appraised value with a first mortgage as opposed to a second mortgage, home equity line of credit, or other more expensive financing strategies. Individual homebuyers, investors, charitable groups, and local government agencies are eligible borrowers. A credit score of 620 is required.

     – Freddie Mac ChoiceRenovation

Freddie Mac Choice Renovation loans allow borrowers to finance the purchase or refinancing of a home and make improvements to the property using a single loan. This mortgage product allows you to borrow against the future value of your property, which, compared to a standard home equity loan or line of credit, gives you a more significant amount of borrowing power.

Regarding CHOICERenovation mortgages, Freddie Mac has no specific restrictions for a borrower’s credit score or debt-to-income ratio. You will be required to meet the requirements for any other conventional mortgage Freddie Mac offers.

Apply for a Home Renovation Loan in Lubbock

Get prequalified and preapproved for a home renovation loan in Lubbock by submitting an application online or calling our home renovation experts at (806) 589-3428.

Why Lubbock is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

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Direct Mortgage Lender Providing Competitive Rates and Low Fees.

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7  Day a Week Support from Application to Final Mortgage Payment. 

Lubbock Renovation 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

Lubbock FHA Renovation 203K Loan

Renovation 203K Home Lender
  • Purchase & Refinance
  • Primary, 2nd and Investment
  • As-Completed Values
  • Homestyle Standard
  • HomeStyle Limited > 25K
  • Homestyle Manufactured
  • Homestyle Pools
  • Homestyle Standard
    • 95% Primary LTV 
    • 97% 1st time Buyers LTV
    • 90% Second Home LTV
    • 85% Investment Property LTV

Lubbock Fannie Mae Homestyle Loan

  • Purchase & Refinance
  • Primary, 2nd and Investment
  • As-Completed Values
  • Homestyle Standard
  • HomeStyle Limited > 25K
  • Homestyle Manufactured
  • Homestyle Pools
  • Homestyle Standard
    • 95% Primary LTV 
    • 97% 1st time Buyers LTV
    • 90% Second Home LTV
    • 85% Investment Property LTV
Renovation Fannie Mae Homestyle Lender
  • Purchase & Refinance
  • Primary, 2nd and Investment
  • As-Completed Values
  • Homestyle Standard
  • HomeStyle Limited > 25K
  • Homestyle Manufactured
  • Homestyle Pools
  • Homestyle Standard
    • 95% Primary LTV 
    • 97% 1st time Buyers LTV
    • 90% Second Home LTV
    • 85% Investment Property LTV

Lubbock Freddie Mac Choice Renovation Loan

  • Up to 97% LTV of “As-Completed”
  • Owner-occupied 1–4 unit Primary 
  • Owner-occupied 1–4 unit Condos 
  • 85% LTV on a 1-unit Investment 
  • 90% on a 1-unit Second Home
  • Credit Scores Down to 620
  • Luxury Renovations are Eligible
Renovation Freddie Mac Choice Home Lender
  • Up to 97% LTV of “As-Completed”
  • Owner-occupied 1–4 unit Primary 
  • Owner-occupied 1–4 unit Condos 
  • 85% LTV on a 1-unit Investment 
  • 90% on a 1-unit Second Home
  • Credit Scores Down to 620
  • Luxury Renovations are Eligible
Not Sure? Take a Look at Other Lubbock Mortgage Programs

Lubbock Renovation Mortgage Team

ron ireland

branch manager
NMLS 328363

Doug Harris

Loan Officer
NMLS 2152628

Matt Williams

Sr Loan Officer
NMLS 1945867

chris erwin

Sr Loan Officer
NMLS 914064

Lubbock Mortgage Company Reviews

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