Capital Home Mortgage Tacoma

Tacoma Renovation Home Loans

Renovation Mortgage Lender Tacoma

Home Renovation Loans In Tacoma

Renovation home loans are becoming a trendy way for people in Tacoma to deal with money problems. With these carefully designed loans, homeowners are finding renewed interest in remodeling their homes, significantly changing the city’s architecture.

Every building tells stories about its past and calls for a touch of innovation. When we combine old-fashioned charm with new ideas, the results are mind-blowing. Renovation home loans help make this change happen, mixing the past and the future in a way that works well together.

Types of Renovation Loans in Tacoma

Tacoma, Washington, residents can apply for various home improvement loans. Each loan option has its own qualifying requirements, interest rates, and terms. The following are the prevalent home renovation loans in Tacoma:

  • Fannie Mae HomeStyle

Fannie Mae is not a direct lender but a government-backed business that buys mortgages from lenders. This means that a lender would extend a HomeStyle Renovation loan, which could then be sold to Fannie Mae.

A Fannie Mae HomeStyle loan enables homebuyers to finance the purchase of a home and the cost of renovations with a single mortgage. It offers adaptability to meet the needs of consumers and can be used to finance a vast array of renovation projects, including repairs, energy upgrades, landscaping, and luxury upgrades.

This type of loan is especially beneficial when purchasing a house that requires renovation, such as a fixer-upper, and integrating the expected cost of the upgrades into the overall loan amount. Unlike a traditional mortgage, which only analyzes a property’s current value, a HomeStyle Renovation loan considers the property’s predicted value after completed renovations.

The HomeStyle Renovation loan is flexible regarding the home improvements that can be financed. Alterations vary from gutting and redecorating a home’s interior to constructing an accessory dwelling unit, a smaller, separate dwelling on the property.

For a HomeStyle Renovation mortgage, the property can be a primary house with one to four units, a second home with one unit, an investment property with one unit, a manufactured home, or a unit in an eligible Planned Unit Development (PUD), condo, or co-op. However, the Homeowners Association (HOA) or co-op corporation must allow the planned renovation work for condos or co-op units.

  • Freddie Mac ChoiceRenovation

Freddie Mac created the CHOICERenovation loan to revitalize the nation’s aging housing market and increase the availability of affordable housing. This loan can also be used to protect a home against natural disasters or restore a house damaged by a natural disaster.

The CHOICERenovation loan is a valuable financial tool for those seeking to purchase a property that requires repairs or improvements, allowing them to finance the purchase and renovations with a single, cost-efficient loan.

The Freddie Mac ChoiceRenovation loan is a mortgage product that enables borrowers to obtain a loan to purchase a property and complete necessary renovations in a single loan application. This loan seeks to fill a market void for a robust, conventional offering to support renovation financing and provide borrowers with cost-effective solutions. It can also be used to refinance an existing residence, with renovation costs included in the new loan amount.

The CHOICERenovation loan is offered with both fixed- and adjustable-rate mortgages. It eliminates the need for two distinct loans and two closing processes typically required to finance a home purchase and subsequent renovations. Instead, debtors can consolidate their home loan and repair costs into a single mortgage, reducing out-of-pocket closing costs.

  • FHA 203(k)

An FHA 203(k) loan, also known as a mortgage rehab loan or renovation loan, is a product insured by the Federal Housing Administration (FHA) that allows homebuyers and homeowners to finance the cost of purchasing or refinancing a home as well as the costs associated with its renovation or repair. This type of loan is particularly advantageous for individuals interested in purchasing a fixer-upper or householders planning extensive renovations on their current residence.

When applying for an FHA 203(k) loan, the applicant must work with an FHA-approved lender and submit a detailed work proposal. These loans are intended to assist borrowers in financing an older property that requires extensive repairs and would otherwise be deemed “uninhabitable” The lender then provides the funds to purchase or refinance the property and make the necessary repairs.

An FHA 203(k) loan enables the buyer to finance a home’s purchase (or refinancing) and the costs associated with its rehabilitation with a single mortgage. It provides a solution that benefits both borrowers and lenders by insuring a single, long-term, fixed- or variable-rate loan that covers the purchase and rehabilitation of a property. This arrangement saves debtors time and money and protects lenders by permitting them to insure the loan before the property’s condition and value can provide adequate security.

There are two categories of FHA 203(k) loans: the limited (sometimes referred to as “streamline”) and the standard. The Limited and Standard 203(k) loans have varying restrictions on how much you can borrow for home improvements and what you can do with the funds. The FHA considers improvements in luxuries, such as a swimming pool or an outdoor kitchen, which are typically ineligible for both programs.

  • VA Renovation Loans

A VA renovation loan is a specialized form of VA loan offered by the U.S. Department of Veterans Affairs. This loan enables eligible veterans, active servicemembers, and qualifying surviving spouses to purchase a home and include the cost of necessary repairs or renovations in the mortgage or to refinance their existing home and include home improvement expenses.

The VA Renovation Loan combines two loans into one: a home purchase loan that funds the purchase price up to its current market value and a home repair loan that funds the necessary home modifications. The allowance for renovation costs may go as high as $50,000.

However, the application process may be more complex than traditional VA loans. Only specific types of home improvements are eligible for financing, and you must adhere to the VA’s stringent guidelines.

Apply for a Home Renovation Loan in Tacoma

Capital Home Mortgage benefits Tacoma home buyers and homeowners searching for home improvement loans. Our complete service and counseling ensure that Tacoma home buyers and homeowners may effectively navigate the loan application process, understand the implications on their finances, and finally achieve their home improvement goals.

Call our Tacoma Home Renovation Team at (803) 600-0088 for questions on how to fund your renovation project.

Why Tacoma 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

Tacoma 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

Tacoma 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)

Tacoma 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)

Tacoma 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
Tacoma Mortgage Programs

Tacoma Home Purchase

Thinking of Buying an Tacoma 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, Secondary, Investment
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo, Non QM
  • Reverse, Renovation, Manufactured

Tacoma renovation home loans

Looking to Rehab an Tacoma Home?

Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not look at a renovation loan?  Purchase the Perfect Home and make it your own. Call today.

  • Remodel, Renovate or Repairs
  • FHA 203K Streamline or full
  • fannie mae homestyle reno
  • freddie mac home choice reno

Tacoma FHA Home Loans

Great for 1st Time Tacoma 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 Payment
  • Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Credit Scores OK

Tacoma VA Home Loans

100% Financing for Tacoma Veterans

Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.

  • Simply Qualifying for Veterans
  • No Down Payments Requirements
  • Lower Credit Scores Accepted
  • Manual Underwriting Allowed

Tacoma Conventional Home Loans

Flexibility for Tacoma 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
  • Great Rates & Low Fees 
  • Single Family and Multi-Family
  • Renovation Loan Programs

Tacoma Jumbo Home Loans

Tacoma Non Conforming Loans

Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits.  Call today to speak to a loan officer.

  • Primary Residence and 2nd Homes
  • Higher Loan Amounts – 3 Million
  • Great Interest Rates
  • Investor Specific Guidelines

Tacoma USDA Home Loans

100% Tacoma Rural 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.

  • Rural Properties Only
  • Primary Residence Only
  • Geographic Restrictions
  • Income REstrictions

Tacoma Native American Home Loans

Tacoma 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

Tacoma Manufactured Home Loans

Great Alternative Tacoma Housing

Tacoma reverse mortgages

Your Tacoma 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
  • credit scores not applicable
  • Minimum age 62

Tacoma Non QM Home Loans

Making Tacoma Mortgages Possible

Looking for Non Traditional Home Mortgage Loan?  Contact a Loan Officer Today to discuss the alternative mortgage options currently available.

  • Purchase, Rate and Term & Cash-out
  • Primary, Secondary and Investment
  • Full Doc & Bank Statements Programs
  • Corporations OK

Tacoma One Time Close mortgages

Build Your Tacoma 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 Residence Only
  • Close Once
  • Lock Rate at Contract
  • Traditional Final Mortgage

Tacoma Refinance Mortgage Loans

Tacoma 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.

  • Reduce Mortgage Term
  • Lower Monthly Payments
  • Appraisal Waivers
  • Streamline Options Available

Tacoma Cash-out Home mortgages

Tacoma 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
  • Vacation or Education

Tacoma 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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