The HomeStyle Renovation loan program is one of the best options for purchasing a house and making necessary repairs or desired upgrades.
Offering affordable financing in one loan, you can get the money you need for not only the purchase of a property, but also the repair, remodel, or renovation. And as you’ll see, it offers more than just the chance to purchase a traditional single-family home.
8 Ways to Use the HomeStyle Renovation Program
1. Primary Single-Family Home Purchase
The most basic use for a HomeStyle Renovation loan is the purchase and renovation of a single-family house. With this loan, you can get financing for a house that fits your specific needs, even if that house requires a few repairs. From repairing the roof to upgrading the kitchen, this program lets you purchase and remodel your home.
The benefit to home buyers is that they get a simple, flexible, and affordable loan that encompasses both the purchase and the renovations. You’ll have a loan that can be delivered before the project starts, giving you greater flexibility for your repairs. If you find the right home for your family, but it simply needs a few extra renovations, the HomeStyle program may be perfect for you.
2. Second Home
Owning a second home can bring many benefits. Perhaps you need a small place in a city where you constantly travel, or where you are always conducting business. Perhaps you have family in a certain area and want a place where you can stay when you visit. Whatever your motivation, if you find a second home that would be ideal for your needs, but it requires a simple touchup or even a complete overhaul, this program may be perfect.
When you use a HomeStyle Renovation loan to purchase a second home, you’ll get all the conveniences that you expect from this program. You could adjust the kitchen or bathroom to your needs, or you could repair the foundation, roof, or siding.
3. Vacation Home
Have you rented a seaside cabin and thought about owning one yourself? Have you ever desired to have a condo right next to the best ski resorts in the country? If you have dreamed of owning a vacation home, perhaps the time is right to finally fulfill your fantasies. Owning your own vacation home brings many benefits, including the potential for rental income and the decreased risk of financial loss due to excellent demand when selling (in most cases). But some vacation homes need to be updated or completely renovated.
Perhaps you found a lakeside cabin, but it needs extensive repairs and mold remediation. Maybe you found a seaside home, but you can’t stand the retro carpet and countertops. With the HomeStyle Renovation program, you can change that almost-perfect vacation home into your favorite destination, and you just might make a purchase that can be passed down for generations.
4. Investment Property (Single Unit Only Unless Owner Occupied)
There are many different investment options available. From stocks and bonds to owning precious metals, you can place your money in a seemingly bottomless pool of options. But few offer the stability, consistency, and reliability of real estate. When searching for investment properties, you may find numerous homes that are lacking in a few different areas.
Perhaps the roof is leaky; perhaps the wiring needs an update; perhaps the siding is cracked. In many cases, investors simply pass on these homes, but if you use the HomeStyle Renovation program, you can purchase these properties and make revisions that will attract more tenants.
5. Modular Homes
Modular homes are simply houses that were largely built piece-by-piece in a factory setting, then shipped to the building site and assembled. Although they are unfairly considered low-quality and “cheap” by many, modular homes use the same building materials, and meet the same high standards, as any other home, they are simply built in a more efficient and cost-effective manner.
Some lenders avoid modular homes for a variety of reasons, largely due to the exaggerated reputation. But if you find a module home that you would like to purchase and renovate, it’s possible with HomeStyle.
6. Condo Purchases
Condominium purchase are another potential option with a HomeStyle Renovation loan. Condos are often more affordable, making them attractive to first-time homebuyers and people who simply need a place for themselves. Young buyers fresh out of college, as well as retirees, often appreciate the convenience of condos, but people of any age can enjoy these smaller homes.
When using a HomeStyle loan to make the purchase and renovate a condo, be aware that there could be limitations on what you can do to the property. Discuss all your desired renovations with the HOA before making a purchase.
7. Planned Unit Developments
These types of properties look like townhouses, but they are very similar in nature to condos. They usually have an HOA, communal spaces, and HOA fees, and you may be limited to what types of revisions you can perform.
However, they offer a high level of convenience that you don’t get from a single-family home. With these properties, you can have a living space that is usually larger than a condo but smaller than a single-family home, giving you a nice balance of space and convenience. Once again, check the HOA policy before attempting to make revisions.
8. Refinance Current Loan
Finally, you can also refinance your current loan with the HomeStyle program. This allows you to secure financing for any revisions that you want to make while getting a loan that is more affordable or has terms that better fit your needs.
If you own a home but need to make repairs, and would also like to have a better interest rate or possibly extend the terms, talk to a lending expert about HomeStyle refinancing.
High-Quality Loans, Reliable Service
HomeStyle Renovation loans may be perfect for your specific needs. Contact our staff and we’ll show you the details of this reliable program.
Whether you are purchasing your first home or want to expand your investment portfolio, let San Diego Purchase Loans help with your financing needs.