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HomeStyle Renovation

HomeStyle Renovation

This program is specifically designed for borrowers in Georgia who are looking for financing to purchase a less-than-perfect fixer-upper or to refinance their existing mortgage while also renovating their current home. It offers a single-close first mortgage option, making the process more convenient for borrowers.

Any type of renovation or repair that is permanently affixed to the property is eligible.

Renovation Costs are Financed Up to:

  • For home purchases, it can be financed up to 75% of the lesser of the purchase price plus total renovation costs or the “as completed” appraised value.
  • For refinance transactions, it can be financed up to 75% of the “as completed” appraised value.
  • For manufactured home renovations, it can be financed up to $50,000 or 50% of the “as completed” appraised value.
  • The loan-to-value (LTV) ratio can go up to 97% for owner-occupied properties, 90% for second homes, and 85% for investment properties.
  • There are different loan programs available, including 15 and 30-year fixed-rate mortgages (FRM), as well as 5/1, 7/1, and 10/1 adjustable-rate mortgages (ARM).
  • Renovation costs for labor, material, and soft costs can be included in the loan amount.
  • The borrower gets to select the contractor to perform the renovation work, although the lender may require the use of a consultant based on the scope of work.
  • Loan amounts are subject to county limits.
  • Borrowers have 12 months to complete the work.
  • Renovation funds are held in escrow accounts and are paid in draws during the renovation period.

As a leader in mortgages in the state of Georgia, we do our best to provide financing for those living in Georgia. There are plenty of renovation loans, please contact us to get more information about our renovation loans.