As you may know, Fannie Mae offers homebuyers the opportunity to buy a home with a 3% down payment if you qualify for the Home Ready Program. Otherwise, you can put as little as 5% down if you do not qualify for Home Ready.
But did you know Fannie Mae also offers you the opportunity to purchase AND renovate a home with 3% down - all in one single loan?
Much like Fannie Mae, Freddie Mac offers homebuyers the opportunity to buy a home with a 3% down payment if you qualify for their Home Possible Program or 5% down if you do not.
Freddie Mac also offers you the opportunity to purchase AND renovate a home with 3% down if you qualify for their Home Possible Program. Again, this is all done with one loan called the CHOICE Renovation program.
Backed by the Federal Housing Administration, the FHA Section 203(k) Renovation Program (a/k/a "203(k) rehab loan") is another excellent program that will allow you to purchase a home and do your renovations with a single Mortgage.
Currently owned properties can also be refinanced in order to pay for the planned renovations up to 97.75% of the home's value after your renovations are completed.
Navigating the mortgage process can be overwhelming. Let our team assist you in finding the right lender and financing options.
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