Home renovations come in different shapes and sizes. Whether you are turning a run-down house into a livable home or wish to transform your current house into your modern dream home, there are many options for financing these projects. Town and Country Bank and Peoples Prosperity Bank are proud to offer a smart solution to finance your remodel. With a purchase and renovate loan, you bundle your home repair costs into your home mortgage for one simple monthly payment.
Types of Renovation Loans
FHA 203k Streamline Loan: Whether you’re buying a house that will need major repairs or already live in a fixer-upper, an FHA rehab loan may be the answer. The FHA 203k Streamline Loan combines a construction loan and mortgage into one. The FHA 203k Streamline Renovation Loan can be used for repairs over $5,000. You get the money you need for renovations bundled into your monthly home loan. If you already have a mortgage on your home, you simply refinance into the FHA 203k Streamline loan.
Fannie Mae™ HomeStyle®: Another convenient loan designed for homeowners considering renovations. This loan features a single-close first mortgage, rather than a second mortgage or home equity line of credit. Add your home repair costs to your existing mortgage balance for one easy to manage loan payment.
What Types of Renovations and Repairs are Covered?
While many renovations are covered by FHA 203k and Fannie Mae™ HomeStyle®, some luxury items are excluded. The following is a general list of construction items covered by a Structural and Renovation Loan. Consult a member of the Town and Country Banc Mortgage Services team if you have any questions about your renovation plans.
- Correction of health and safety hazards
- Floor repairs and upgrades
- Appearance upgrades
- Plumbing repairs
- Changes to roofing, gutters, and downspouts
- Extensive landscaping
- Improved accessibility for a disabled person
- Energy conservation improvements
Why Choose Town and Country Bank Mortgage Services?
Town and Country Banc Mortgage Services serves and empowers local communities in Central Illinois and Metro East, one person at a time. Locally owned and operated, we treat our clients like family and are able to originate loans in all states except California, Texas, New York, and Connecticut. Request a consultation with one of our mortgage lenders or apply online today (include hyperlink).