RENOVATION LOANS

A renovation loan from United Home Loan Services, Inc. can help you turn a place with potential into the home of your dreams. We offer several renovation loans created to cover the property, plus minor or major repairs. These are a few of our construction loan products.

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FHA 203(k) Standard & Limited

  • Minimum 620 credit score on all FHA loans
  • Minimum renovation 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 intact
  • 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 50% of the “as completed” appraised value of the property
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Freddie Mac CHOICERenovation Loan

This renovation loan can be a great option for borrowers looking to use loan proceeds for renovations. The CHOICERenovation loan is for:

  • Borrowers looking for convenience and cost savings by financing their home purchase and renovation costs in a single-closing transaction
  • Homeowners who need financing to make home improvements or repairs to their existing properties or a home they intend to purchase

Program Details:

  • One borrower must be a first-time borrower
  • The existing mortgage must be a Freddie Mac loan for refinance
  • Owner-occupied 1-4 unit residences, planned unit development, and condos are applicable
  • Can use for luxury renovations like pools or outdoor living area
Freddie-Mac-CHOICERenovation
Fannie Mae homestyle

Fannie Mae® HomeStyle®

Fannie Mae® HomeStyle® program allows you to purchase or refinance a home and bundle renovations, repairs, and even upgrades in the same loan. And when combined with Fannie Mae HomeReady®, HomeStyle offers even more flexibility and affordability.

Program Details:

  • As low as 3% down payment
  • Financing on owner-occupied single-family residences, 2-4 unit properties, condos, homes in planned unit developments, or single-unit second homes and investment properties

Using the HomeStyle program, you can finance:

  • Improvements to an outdated home
  • Corrections to deferred maintenance
  • Building an addition
  • Modernizing the floor plan
  • Upgrades to electrical, plumbing, roofing, or energy efficiency
  • Adding a granny flat, also known as an Accessory Dwelling Unit (ADU)
  • Remodeling bathrooms or the kitchen
  • Adding a swimming pool
  • Building a garage
  • And more!
USDA Renovation

USDA Renovation Loan

With the USDA Renovation loan program, you may be able to purchase a home in a USDA-eligible rural area with as little as zero down payment.

Plus, since it’s a program designed to assist with renovations, you can bundle the cost of repairs or upgrades into the same loan. This gives you a simple and lower-cost way to make the changes that will turn a house into your home.

Program Details

  • Help with purchasing your primary residence, in a USDA-eligible area
  • As little as zero down payment for USDA income-qualified buyers
  • Closing costs and some other fees may be included in the loan - restrictions apply

items you may be able to use renovation funds for:

  • Upgrading the kitchen and bathrooms
  • Repairing an existing Accessory Dwelling Unit (often called a “granny flat”)
  • Removing/repairing health and safety hazards
  • Installing energy-efficient features, like appliances, windows, and more
  • Creating accessible amenities to accommodate disabilities
VA-Renovation

VA Renovation Loan

For active and retired service members, there’s an innovative renovation loan program that’s like having two loans in one.

The program is available to purchase a home or refinance your current loan. Borrowers can take up to $50,000 in additional finances to use toward remodeling, renovations, or repairs.

Our VA Renovation Loan Program Offers Qualified Veterans:

  • Up to $50K toward remodeling and improvements
  • No down payment requirement
  • The opportunity to make repairs, update the bathrooms or kitchen, and even add a pool or outdoor living space
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HomeStyle® for Investors

This investment-specific loan covers single-unit properties with all renovation work allowed, including luxury additions.

Borrowers must make a minimum down payment of 15%. Investment property purchases go up to 85% loan-to-value with an optimal FICO credit score of 620 or above.