Renovation mortgages offer the opportunity to buy (or refinance) a home, and obtain money for improvements, all with one loan. Great for buyers that want to buy a fixer-upper, or someone who just wants to modernize an older home.
FHA 203(k) Limited: FHA 203(k) Limited loans allow qualified borrowers to finance a repair escrow up to $35,000. This program is designed to facilitate the purchase of homes needing minor repairs. Repairs can include, but are not, limited to the roof, plumbing, HVAC, minor remodeling, appliances, flooring, windows, siding, and more.
FHA 203(k) Standard: FHA 203(k) Standard loans allows more types repairs than the limited, allows a higher budget for the repairs, and requires the use of a 203(k) consultant to help you define the scope of the job and write the specifications. It includes all the repairs allowed for a limited, but it also allows repairs that are more structural, such as foundation repairs, or putting an addition onto a home.
Conventional Homestyle: The Homestyle is a conventional version of the FHA 203(k). The Homestyle has a down payment that is slightly higher than the 203(k)m but the cost of mortgage insurance may be less, and you can also finance investment properties and second homes.
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What Our Customers are Saying
Mortgage consultants (Ian Clardy and Brian Johnson) were easy to deal with, attentive, extremely conscientious, an at all times customer focused. They were available off hours including weekend evenings. My client was in a bidding war withe several other buyers and was asked to get a second pre-approval from another lender within 24 hours which just happened to fall on the weekend, My clients were not only able to get a pre-approval on-line, they were actually able to talk to their mortgage consultant (at 9:00 on a Saturday night) who walked them through the entire process. Ian and Brian did everything in their power to make sure closing happened in time ...even when my client needed to move the closing up 7 days so that their 90 year old grandmother would not have to be in a hotel for more than a day in between closings. I would like to add that this was likely not the largest loan these mortgage consultants were handling at the time, but my client was always made to feel valued and important. At closing, my client said he was grateful that the listing agent required him get that second pre-approval and that he decided to go with Trident. Thank you Ian and Brian and the entire Trident team!!~ D.K.