Renovation Lending | Home Point Financial
If you have hesitated to recommend renovation loans in the past, it’s time to reconsider. For your clients, it’s the ultimate cash-out alternative that can save them time and money, while also creating new opportunities for you. Renovation loans are easier than you think. Home Point Renovation Lending provides you with an end-to-end solution, choices to fit your clients’ needs and a simple post-closing process. Home Point experts can handle management during any construction phase. Let’s look at the options. FHA Standard 203(k), Limited 203(k) and FannieMae™ HomeStyle® loans give your buyers the flexibility to finance larger repairs and cost-effective upgrades for home purchases or refinancing. For example, a Standard 203(k) loan can be used to make a wide variety of home improvements – including structural repairs. As long as the total cost exceeds the minimum of $5,000. The Limited 203(k) program is intended for minor rehabilitation and/or improvements that do not require plans, consultants, engineers or architects, such as: roofs, gutters and downspouts, flooring and more. FannieMae™HomeStyle® loans are also offered for purchases and refinance. HomeStyle has no repair minimum, and unlike 203(k) loans, luxury home improvement items such as a new, in-ground pool, gourmet kitchen or a home theatre room are eligible. If you’re not already taking advantage of this growth opportunity, your Home Point Account Executive can get you started. Visit hpftpo.com for more details, or too partner with Home Point today.