Home Renovation Loans

Love your house? Need more space? Is a renovation loan right for you? Perennial Funding offers an array of home renovation loans to suit your needs. Whether you’re looking to remodel your kitchen, bathroom, or even your garage, we have options available to you to make your upgrades possible. Making significant home improvements can enhance your quality of life. It makes a huge difference in not only how much you enjoy your home, but in its value as well. So, if you’re happy where you live, don’t move, but improve.

Sometimes it could be difficult in securing a loan when you’re looking to buy a fixer-upper, and that’s where a FHA 203k loan comes in. This loan is backed by the Federal Government and is given to buyers who want to buy a damaged or older home and do repairs on it, but can’t secure a regular home renovation or construction loan. In combining your construction loan and your mortgage into a single loan, the 203k loan program limits your loan closing costs and simplifies the home renovation process.

In today’s market, the FHA 203k loan can be a terrific way to finance home construction and repairs. At Perennial Funding, we work with you to find out if a FHA 203k is the appropriate option for you when planning your remodel. Consult one of our home renovation loan experts to see if this option is viable for you.

The FannieMae HomeStyle Renovation mortgage permits borrowers to include financing for home improvements in a purchase or refinance transaction of an existing home. This mortgage provides an easy and convenient way for borrowers to make renovations, repairs, or improvements totaling up to 50% of the as-completed appraised value of the property with a first mortgage, rather than a second mortgage, home equity line of credit, or other, more costly financing method. Eligible borrowers include individual home buyers, investors, nonprofit organizations, and local government agencies.

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Our Assumptions

• Mortgage rates could fluctuate daily.
• Based on your situation, your payments may vary.
• See what products are available in your state.
• Certain jumbo products might not be available to you if you’re a first-time buyer.
• Some lending services might not be available in all areas. See what’s available to you.
• Some restrictions may apply.
• The lock period for your rate is 45 days.
• Perennial Funding offers a variety of options. You may still qualify for a loan even if your situation doesn’t match our assumptions. Consult us to find what’s available in your area, and what best solutions are for you.