With housing inventories at record lows and employees continuing to work from home, some would-be Texas home buyers are staying put; opting to remodel their current home instead of looking for a new one. According to HomeAdvisor, the most popular renovations projects over the last two years were interior painting, bathroom remodels, new flooring, and kitchen remodels. Also, creating home offices and adding exercise rooms were popular as well. But with supply chain shortages, the price of building materials and the cost of labor have increased, making renovations more expensive than ever, leaving homeowners wondering what the best option is for financing their projects.
At First United Bank Mortgage, we offer Fannie Mae’s HomeStyle® program, which allows borrowers to finance the cost of eligible home repairs and improvements without the need for a second mortgage or multiple sets of closing costs. Single family homes, townhomes and condos, 2-4 unit properties, and 1 unit second homes and investment properties may be eligible.
Eligible renovations and repairs include, but are not limited to:
- Interior room repair and remodel
- Exterior home repair and remodel
- Home addition
- New flooring
- Approved hardscaping & landscaping
- Swimming pools, hot tubs, outdoor kitchens & more
Here are some other great reasons to apply for a renovation loan.
Eliminates multiple closing costs. One loan covers the renovation and the home mortgage.
Increases home value. Renovations can increase the property value of your home while also building equity.
Requires no collateral. Because collateral isn’t required for a renovation loan, the equity of your home is protected. A lender can’t foreclose on your home if you default on your renovation loan.
Think a renovation loan might be right for you? Speak with one First United Mortgage Group’s experienced loan professionals today to discuss the Fannie Mae’s HomeStyle® program and other loan renovation options available in the DFW area. Give us a call today at (972) 591-3097.