The HomeStyle Renovation mortgage enables qualified borrowers to obtain a purchase transaction mortgage or a limited cash-out refinance mortgage and receive funds to cover the costs of repairs, remodeling, renovations or energy efficient improvements to the property. With as little as 10% down payment you can add your personal touch to a house to make it your home with remodeling projects like a new kitchen, bathroom, room addition or energy efficient upgrades.
HomeStyle Renovation allows you to buy a home and fix it up, or refinance and remodel your current home. There are no restrictions on the types of repairs allowed or a minimum dollar amount for the repairs. Repairs or improvements, however, must be permanently affixed and add value to the property.
Purchase and renovate or refinance and remodel with one loan.HomeStyle Purchase & Renovate
When used for energy-related improvements, HomeStyle Purchase & Renovate borrowers are required to obtain an energy report to identify recommended energy improvements to the property and the estimated cost savings associated with those improvements.
Calculate monthly payment and amortization.
Features & Benefits
• Purchase or refinance & remodel
• 10% minimum down payment for primary, single-family residences (10% for second homes)
• You can use gift funds for down payment & closing costs for owner occupied, primary residences after you contribute a minimum 3% down payment
• 3% seller contribution allowed
• Cosmetic and structural renovations allowed
• Allowable improvements can include landscaping, appliances, swimming pools and more
• Escrow your renovation funds in an interest-earning account
Programs available to qualified borrowers only. Some Restrictions may apply. Programs subject to change without notice. Contact eLucid for more information.
Ready to Apply?
Applying for a mortgage to purchase or refinance a home is simple with eLucid.Get Started Now!
Share this Mortgage Option