Fixer-Upper / Renovation Mortgage Program Summary
In addition to obtaining a construction loan, there are multiple mortgage programs designed to help home buyers purchase and renovate fixer-upper properties. The construction to permanent (C2P), FHA 203 (k) home loan and Fannie Mae HomeStyle Renovation mortgage programs outlined below allow a fixer-upper buyer to finance renovation and remodeling costs without taking out a separate construction loan, which can be expensive and time consuming. Each program has its pros and cons but can be very useful to someone who needs to finance significant repairs, remodeling or renovations. Because these programs apply to home purchases and refinancings they are beneficial to both prospective home buyers and existing homeowners who would like to finance a major home renovation project.
The table below provides a summary of fixer-upper mortgage programs. Click on the program title to learn more about each program.
|Construction to Permanent (C2P) Loan||
|FHA 203(k) Home Loan Program||
|Fannie Mae HomeStyle Renovation Program||
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