Most people don't have expendable funds right after they purchase a home. Why not make those updates before you move in by absorbing the renovation costs into your mortgage?
Whether you're buying a fixer upper or finally building that dream kitchen in your existing home, a Renovation Loan from Fairway Home Mortgage could be the answer! With Fairway’s renovation loan options, you can roll the cost of those repairs and improvements into one loan, which can save you both time and money.
When using a renovation mortgage loan to purchase a new home, Fairway will combine the amount of the purchase contract and the necessary repairs and improvements to calculate your adjusted sales price. You can also use a renovation loan to refinance your existing mortgage and finance the costs of your desired repairs and improvements into the new home loan.
If the house is uninhabitable while being renovated, you can finance up to six months of your mortgage payment into the loan to alleviate you and your family from having to make two payments at the same time.
Eligible repairs and upgrades may vary from loan program to loan program. Your local Mortgage Advisor is here to guide you every step of the way.
