An HSR Mortgage totals up to 50 percent 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.
A Convenient Way to Fund Your Renovation Project
According to Cornel Horga, of Suburban Mortgage Inc., “The HomeStyle® Renovation mortgage permits borrowers to include financing for home improvements in a purchase or re-finance transaction of an existing home.”
Benefits to Borrowers
- Cost-effective way to renovate or improve a home
- Single mortgage means lower closing costs and typically a lower interest rate on a first mortgage
- Borrowers can qualify for CLTV of up to 105% with eligible Community Seconds® subordinate financing
- Loan amount based on “as-completed” value of the home or the cost basis (purchase money loans), whichever is less
So if you’re looking for an easier way to fund your home improvement plans, or an unexpected repair, a Homestyle® Renovation Mortgage can be a great way to borrow money without having to take out a second mortgage or other costly financing methods. Also be sure to contact the experts at Fix My House. We can help come up with a plan to minimize costs so you’re not borrowing more than you need.