Capital Home Mortgage Seattle

Seattle Renovation Home Loans

Renovation Mortgage Lender Seattle Washington

Home Renovation Loans In Seattle Washington

A home renovation loan in Seattle is a form of financing that can be used to pay for the costs associated with improving or remodeling a property. Variables such as the renovation size, the project cost, the homeowner’s credit history, and the lender’s specific requirements can influence the varieties of renovation loans available. 

A home improvement loan can be a practical option for Seattle residents seeking to make property improvements. They offer a variety of advantages, including customized financing options and tax advantages, which makes them an attractive option for many.

Advantages of a Home Renovation Loan

Homeowners in Seattle who wish to enhance their properties can benefit from several advantages when they take out a home improvement loan. Based on the provided resources, the following are the most significant benefits:

  • Financing for Home Improvements

Home improvement financing can be used for various projects, from a new roof to an outdated kitchen. They can be used to refinance an existing home loan to pay for improvements and can be used to finance both minor and major home improvements.

  • Cost-Effective

Home improvement loans can be economical to renovate or improve your residence. Typically, homeowners with a single mortgage benefit from reduced closing costs and interest rates.

  • Personalized Solutions

Some Seattle lenders offer financing tailored to the borrower’s lifestyle. In addition, they provide customized solutions and attentive service throughout the renovation process.

  • Ability to Borrow Against Future Home Value

Some loans allow homeowners to borrow up to 90% of their home’s future value, giving them additional funds for home improvements.

Types of Home Improvement Loans

  • FHA 203(k)

An FHA 203(k) loan is a government-insured mortgage that can be used for both house acquisition and home remodeling. This loan works as a construction loan wrapped around house renovation or repairs for the borrower’s primary residence. In effect, it enables home buyers, particularly those considering a fixer-upper that requires several repairs and extensive rehabilitation, to combine the cost of the property and these projects into a single loan.

The Federal Housing Administration backs the loan. It allows homeowners to borrow enough money to pay the cost of home and repairs, including labor and supplies. They are intended to help low-income families achieve homeownership and improve properties as their principal residences. Current homeowners can also qualify for an FHA 203(k) loan to refinance their house and support the costs of a planned repair.

While FHA 203(k) loans have numerous advantages, they also have disadvantages, such as a complicated application process and stringent requirements. Before deciding to utilize this type of loan, it is essential to consult with our 203(k) loan expert for additional requirements.

There are two types of FHA 203(k) loans. 

  • Standard 203(k) Loan

This loan is for properties that require extensive structural repairs or renovations. It is typically used for homes requiring more than $35,000 in restorations or structural modifications such as room additions or wall movement. In most instances, the repairs or improvements must be completed by a licensed contractor under the supervision of a HUD consultant. This loan is frequently utilized for “uninhabitable” properties.

  • Limited or Streamlined 203(k) Loans

This loan is intended for properties that require minor repairs or renovations, typically less than $35,000. No alterations to the property’s structure are permitted with this loan type. Streamline 203(k) loans are frequently used for aesthetic improvements, such as a new roof or kitchen renovation.

Both types of loans permit the renovation costs to be incorporated into the mortgage, resulting in a single loan for the purchase and renovation of the property. They are intended to assist homeowners in financing older properties needing extensive repairs.

  • Fannie Mae HomeStyle

A Fannie Mae HomeStyle loan, formally known as a HomeStyle Renovation Mortgage, is a unique loan product that enables homebuyers to borrow funds for both the purchase price of a property and any renovation expenses, which are combined into a single mortgage loan amount.  The Fannie Mae HomeStyle Renovation loan is a unique and flexible financing option for individuals who wish to purchase and renovate a property, merging these costs into a single loan and potentially saving them money and time.

HomeStyle Renovation loans offer greater flexibility to meet the requirements of borrowers. They can be used for various home improvement projects, including repairs, energy upgrades, landscaping, and luxury upgrades. They enable homeowners to make home enhancements and renovations without taking out a separate loan, which can be costly and time-consuming.

The property’s estimated after-renovation value determines the loan amount for a HomeStyle Renovation Mortgage. This feature enables homeowners to finance more than the home’s current value, an advantage over conventional mortgages that cap financing at the home’s current value.

  • Freddie Mac ChoiceRenovation

The Freddie Mac ChoiceRenovation loan is a mortgage program offered by Freddie Mac that enables borrowers to finance the purchase or refinance of a property in addition to renovation or repair costs using a single loan. This program is intended to provide a convenient and cost-effective solution for borrowers who wish to purchase a home needing renovations or for current homeowners who want to renovate their property without taking out multiple loans.

The Freddie Mac ChoiceRenovation loan enables borrowers to finance their home purchase or refinance and renovation expenses, streamlining the process and saving them money. It provides flexibility and options for purchasing or renovating a property.

  • Home Equity Line of Credit (HELOC)

A home equity line of credit (HELOC) loan allows homeowners to borrow money using the equity in their home as collateral. It is a revolving line of credit secured by the equity in your home. It works similarly to a credit card, allowing you to borrow funds up to a set limit based on available equity.

Your home’s equity determines the maximum amount you can borrow with a HELOC. Equity is the difference between your home’s appraised value and the amount still owed on your mortgage. With a HELOC, you can access funds as required through a linked credit card or checkbook.

Common uses for a HELOC include home improvements, debt consolidation, education expenses, and significant purchases. The flexibility of a HELOC allows you to borrow funds as required and repay them over time. Additionally, under certain conditions, the interest paid on a HELOC may be tax-deductible if the funds are used for home improvements.

Apply for a Home Renovation Loan with Capital Home Mortgage Seattle

Capital Home Mortgage Seattle is a lender providing customers with advantages for home improvement financing needs. Capital Home Mortgage Seattle offers low- to moderate-income households affordable lending solutions to fix significant health, safety, and structural issues in owner-occupied, single-family homes. This emphasis on affordability assures that Seattle homebuyers can obtain the financing they need for home improvement projects without incurring undue financial strain. Furthermore, Capital Home Mortgage Seattle provides experienced help throughout the loan process to guarantee that the work is done correctly and under budget. Seattle homebuyers can benefit from Capital Home Mortgage’s reasonable loan alternatives and the help of educated staff, making it a dependable choice for their home improvement financing needs.

Call (253) 528-4417 to speak with one of our Renovation Loan Specialists about your home renovation project.

Why Seattle HomeBuyers are Choosing Capital Home Mortgage
Close On Time

Complete Control from Application to Funding

Low Rates & Low Fees

Direct Lender with Competitive Rates & Low Fees

Exceptional Service

7  Day a Week Support Application to Final Mortgage Payment

Seattle Washington 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 mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

Seattle 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 – $766,550
  • High Balance (Varies By County)

Seattle 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 – $766,550
  • High Balance (Varies By County)

Seattle FHA 203K Renovation Loans

FHA 203K is a great option for makes cosmetic changes to an older home.  It allows a FHA buyer to update out of date cosmetics of a home as part of purchase or refinance.  Make that old home new with a Streamline 203K renovation.

  • 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
Seattle Mortgage Programs

Seattle Home Purchase loans

Looking to Purchase a Seattle Home?

Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.
  • Primary, 2nd Home, Investment
  • Low Rates & Fees, No fee Options
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo & Renovation
  • Manufactured, Construction, Reverse

Seattle Renovation Home Loans

Looking to Rehab a Seattle Home?

Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not a renovation loan? Purchase the Perfect Home and make it your own.
  • Remodel, Renovate or Repairs
  • FHA 203K Streamline 
  • FHA Full Documentation Rehab
  • Fannie Mae Homestyle Reno
  • Freddie Mac Home Choice Reno

Seattle FHA Home loans

Great 1st Time Seattle Homebuyers

FHA Home Loans are great for first time home buyers, buyers with less than perfect credit, or buyers needing less out of pocket.   Call today to get started.
  • Smaller Down Payments
  • Flexible Underwriting Guidelines
  • Higher Debt to Income Allowed
  • Lower Credit Scores – Down to 500
  • Down Payment Gifts Allowed

Seattle va Home Loans

100% Financing for Seattle Vets

Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.
  • No Mortgage Loan Limits
  • Simple Qualifying
  • Higher Debt to Income Allowed
  • Lower Credit Scores – Down to 500
  • Manual Underwriting Allowed

Seattle Conventional Home loans

Flexibility for Seattle Homebuyers

Conventional Home Loans are the best option for flexibility of property types and for mortgage loan terms. Call today to get speak to a loan officer.
  • Primary, 2nd Home, Investment Properties
  • Single and Multi-Family Properties
  • Variable Mortgage Insurance Options
  • Low Rates & a Variety of Mortgage Terms
  • Renovation Programs Available

Seattle Jumbo Home Loans

Seattle Non-Confirming Home Loans

Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits. Call today.
  • Primary & 2nd Homes
  • Variety of Mortgage Programs
  • Simple Qualifying for Veterans
  • Investor Specific Guidelines
  • Credit Score Minimums

Seattle USDA Home loans

100% Rural Seattle Home Loans

USDA Loans are a great option for families wanting to live outside of the city.  Call today to speak with a loan officer to discuss your personal loan options.
  • Primary Residences
  • No Down Payment Required
  • New Manufactured Homes Allowed
  • Closing Costs / Repairs Rolled In
  • Geographic and Income Limits Apply

Seattle Native american Home Loans

Seattle Hud 184 Home Loans

HUD 184 Home Loans are solely for Native American and offer a variety of benefits.  Call today to speak with a loan officer to find out more.
  • Primary Residence Only
  • Manual Underwriting for All Loans
  • No Credit Score Requirements
  • Tribal Grants Allowed
  • Purchase, Refinance, and Renovation

Seattle Manufactured Home loans

Great Alternative Seattle Housing

Manufactured Home Loans offer options to purchase an existing residence or build your dream home on your own land. Call today to speak to a Loan Officer.
  • Existing Purchase or Refinance
  • New Construction
  • One Time Close Land/Home Combo
  • Lock at Contract
  • FHA, VA, USDA, Native American

Seattle Reverse Mortgage Loans

Your Seattle Home at Work

Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.
  • Primary Residence Only
  • Simple Qualifying – Equity Based
  • No Credit Score Requirements
  • Minimum Age 62
  • Purchase, Refinance, and Cash-Out

Seattle Non QM Home loans

Making Seattle Mortgages Possible

Looking for Non Traditional Home Mortgage Loan?  Contact a Loan Officer Today to discuss the alternative mortgage options currently available.
  • Purchase, Refinance & Cash-out
  • Primary, Secondary, Investment Properties
  • Full Doc Programs
  • Alt Doc Programs
  • Corporations OK

Seattle One Time Close Home Loans

Build Your Seattle Dream Home

Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan.  Call today to see how a OTC loan works.
  • Primary Residences Only
  • One Time Close
  • Lock Rate at Closing
  • Traditional Final Mortgages
  • No Payments During Construction

Seattle Refinance Mortgage loans

Seattle Rate & Term Refinance

Refinancing can be a hard decision and the payback can sometimes be confusing.  Call today and let our Loan Officers walk you through the process.
  • Lower Monthly Payment
  • Shorten Mortgage Term
  • Streamline Options Available
  • Appraisal Waivers Allowed
  • VA IRRRL’s

Seattle Cashout Mortgage Loans

Seattle Equity Mortgage Loans

Cash-Out Mortgage Loans make use of the equity in your home by allowing you to refinance the current mortgage and access this equity to use as you see fit.
  • Debt Consolidation
  • Investment Opportunities
  • Home Improvement
  • Dream Vacation
  • Higher Education

Seattle Washington Mortgage Team

Dale Gremillion

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Sam Klaburner

Sr Loan Officer
NMLS #140132

Jordan Mowrey

SR Loan Officer
NMLS 210325

Seattle Mortgage Company Reviews

Washington Cities

Seattle Home Loans

Spokane Home Loans

Tacoma Home Loans

Vancouver Home Loans

Bellevue Home Loans

Kent Home Loans

Everett Home Loans

Renton Home Loans

Spokane Valley Home Loans

Kirkland Home Loans

Federal way Home Loans

Yakima Home Loans

Bellingham Home Loans

Auburn Home Loans

Kennewick Home Loans

Pasco Home Loans

Redmond Home Loans

Sammamish Home Loans

Marysville Home Loans

South Hill Home Loans

Lakewood Home Loans

Richland Home Loans

Shoreline Home Loans

Olympia Home Loans

Burien Home Loans

Lacey Home Loans

Bothell Home Loans

Bremerton Home Loans

Puyallup Home Loans

Edmonds Home Loans

Accessibility Toolbar