RENOVATION LOANS
Renovation Loans for Buyers and Investors
LET'S RESTORE YOUR DREAM, TOGETHER WITH A RENOVATION LOAN BY MOVEMENT MORTGAGE
Not only can a renovation loan from Movement Mortgage help you turn a place with potential into the home of your dreams, it could also save your approval.
How? If you’re having difficulty getting approved for a loan on a place that needs improvement, a renovation loan may help. Movement offers several renovation loans created to cover the property, plus minor or major repairs.
RENOVATION LOAN OPTIONS
FHA 203(k) Standard & Limited
Movement requires a minimum 620 credit score on all FHA loans
Minimum reno amount of $5,000 required, no maximum amount
203k self-help and contractors related to the borrower are not allowed
Manufactured and on-frame modular homes are not allowed
203k Standard covers many “major” repairs, such as structural repairs, moving or altering a load-bearing wall, or even knocking the house down to rebuild it as long as you leave part of the existing foundation in tact.
203k Limited covers a max of $35,000 toward repairs. This loan type is intended for less intensive changes or updates such as roof repair, replacement of HVAC, flooring or minor remodeling work.
HomeStyle® Renovation Mortgage
Include renovation costs in one loan to purchase or refinance.
No minimum renovation cost required
Maximum renovation cost is 75% of the “as completed” appraised value of the property
HomeStyle® for Investors
An investment-specific loan covering single unit properties with all renovation work allowed, including luxury additions, and a minimum downpayment of 15%. Investment property purchases go up to 85% LTV with optimal FICO at 620 or above.
A renovation loan by Movement can restore your homeownership dream AND let you make the home your own. Let us show you how.
USDA Renovation Loan
No down payment required* Available for homes in designated rural areas** Finance up to $75,000 for upgrades and repairs***
For non-structural work, covers up to $35,000. This is intended for things such as kitchen upgrades, HVAC replacement, rewiring and re-plumbing.
For structural work, covers $35,000 - $75,000. These include things like foundation work and major roof repairs.
*For qualified borrowers only. **Property must be located in a Designated Rural Area. **Borrower’s Household Income must not exceed the adjusted annual income threshold. Borrower may only own one other single family housing unit. Borrower must meet all additional requirements of USDA financing.
