Capital Home Mortgage Spokane

Spokane Renovation Home Loans

Renovation Mortgage Lender Spokane Washington

Renovation Home Loans In Spokane Washington

A home renovation loan is a financial instrument that gives householders the funds necessary to complete home improvement projects. This may involve anything from modest repairs and updates to extensive renovations or remodeling.

The ‘after-renovation value’ of the property is a crucial aspect of a home renovation loan. This refers to the anticipated value of the property after completing all renovations. Many renovation loans are based on this after-repair value (ARV), and lenders use this estimated value to determine how much-qualified applicants can borrow.

Types of Spokane Home Renovation Loans 

There are numerous home improvement loans, and the one that is best for you will depend on factors such as your creditworthiness, the size of your renovation project, and whether you already own the property or intend to purchase it.

This is a combined purchase and home improvement financing. It enables you to purchase a fixer-upper and finance the repairs and remodeling with a single loan. The property’s value determines the loan amount after it has been improved or after-repair value.

  • Freddie Mac ChoiceRenovation Mortgage

The ChoiceRenovation mortgage is a loan product provided by Freddie Mac that enables borrowers to purchase or refinance a property and include renovation costs in the same loan. This product was created to fill a market void for lenders seeking a robust conventional loan product that supports renovation financing and offers cost-effective solutions for borrowers.

In addition to the CHOICERenovation mortgage, Freddie Mac offers the CHOICEReno eXPress mortgage, a streamlined renovation mortgage designed for borrowers seeking to finance relatively modest renovations. The key difference is that lenders can sell CHOICEReno eXPress mortgages to Freddie Mac before the renovations are complete.

  • FHA 203(k) Loans

An FHA 203(k) loan, or a mortgage rehab or renovation loan, can be used to support purchasing and renovating a home with a single mortgage. This is especially important for home buyers considering acquiring a fixer-upper that will require extensive repairs and restoration.

FHA 203(k) loans are classified into two types: standard (or regular) 203(k) loans and limited (or streamline) 203(k) loans.

  • Standard 203(k) Loans

These loans are for homes that require structural improvements, such as a new roof or an addition. It is also for properties that need repairs exceeding $35,000. These funds may also be used for enhancements required to comply with building codes. Standard 203(k) loans necessitate a HUD consultant’s oversight of the renovation process. One of the critical features of a standard 203(k) loan is that it covers a wide variety of repairs and renovations, giving homeowners and purchasers a great deal of freedom in deciding what to do with their property.

  • Limited 203(k) Loans

These loans, also called Streamline 203(k) loans, are for properties requiring non-structural repairs and renovations costing less than $35,000. These repairs may include modest kitchen or bathroom renovations, painting, HVAC, plumbing, electrical fixes, and roof and flooring maintenance. These loans do not require a HUD consultant, which facilitates the process. A vital characteristic of the limited 203(k) loan is that it is intended to finance relatively minor repairs and improvements, allowing homeowners and buyers to make necessary updates to the property without undertaking a complex renovation.

Both types of loans encourage homeownership among lower-income households, enabling them to enhance and modernize older primary residences. The loans allow homebuyers to borrow sufficient funds to cover the home’s purchase price and any necessary restorations, including labor and materials. The amount of money you can borrow depends on your credit score and income. This aids those with insufficient funds upfront to cover all costs associated with purchasing and renovating a property.

  • USDA Section 504 Home Repair Program

The Single Family Housing Repair Loan and Grant Program is administered by the United States Department of Agriculture (USDA) in Washington. This program, also known as the Section 504 Home Repair program, provides loans to very low-income homeowners to repair, remodel, or modernize their homes. Grants are also offered to older, low-income homeowners to help them remove health and safety issues.

  • Home Equity Loans & HELOCs

These loans allow you to borrow against your home’s equity to finance home improvements. They may have lower interest rates than unsecured personal loans, but your home may be at risk if you default.

Apply for a Spokane Home Renovation Loan

Capital Home Mortgage is an excellent option for Spokane house buyers seeking home improvement loans for several reasons. First, our wide range of loan choices, including home equity loans, makes it easy to pick one that meets your needs, budget, and aspirations. Capital Home Mortgage simplifies borrowing, allowing homeowners to start renovations sooner. This benefit is beneficial in today’s fast-paced real estate market when a shortage of move-in ready homes has pushed many purchasers to explore fixer-uppers. Capital Home Mortgage’s services can help these customers turn outdated or in-need-of-repair properties into dream homes by financing both a home purchase and improvements. 

Our knowledgeable and seasoned team ensures a streamlined, user-friendly application and approval process, providing peace of mind throughout the home renovation process—call (253) 528-4441 to discuss your home improvement requirements with our Renovation Loan Specialists.

Why Spokane 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

Spokane 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

Spokane 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)

Spokane 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)

Spokane 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
Spokane Mortgage Programs

Spokane Home Purchase loans

Looking to Purchase a Spokane 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

Spokane Renovation Home Loans

Looking to Rehab a Spokane 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

Spokane FHA Home loans

Great 1st Time Spokane 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

Spokane va Home Loans

100% Financing for Spokane 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

Spokane Conventional Home Loans

Flexibility for Spokane 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

Spokane Jumbo Home Loans

Spokane 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

Spokane USDA Home loans

100% Rural Spokane 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

Spokane Native american Home Loans

Spokane 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

Spokane Manufactured Home loans

Great Alternative Spokane 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

Spokane Reverse Mortgage Loans

Your Spokane 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

Spokane Non QM Home loans

Making Spokane 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

Spokane One Time Close Home Loans

Build Your Spokane 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

Spokane Refinance Mortgage loans

Spokane 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

Spokane Cashout Mortgage Loans

Spokane 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

Spokane 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

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