Renovation Purchase Loan
With a renovation loan, you have the opportunity to purchase a home that requires repairs or updates and include those costs in a single, straightforward home loan. The scope of repairs and improvements can range from basic roof fixes to adding a master suite. The loan amount and the property's value will be determined based on the condition and worth of the home after the renovations are completed. This provides you with the potential to gain instant equity in your home. Vizion Mortgage offers multiple programs catering to renovation loans, giving you options to choose from.
Why a Renovation Purchase Loan?
Low Down Payment Options
For an FHA loan, it is possible to make a down payment as low as 3.5% as long as you meet the credit score requirements. This lower down payment option allows borrowers to access homeownership with a more affordable initial investment.
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One-Time Close
Renovation loans feature a single closing process, even for major construction projects. This means you will only need to pay closing costs and complete paperwork once, streamlining the loan process and reducing administrative burdens.
Certified Contractors
To ensure compliance with the specific loan terms, most renovation loans typically require the completion of the project by a certified contractor. This requirement guarantees that the home meets the standards outlined by the chosen loan program, providing assurance and quality control throughout the renovation process.
Credit Flexibility
Renovation loans are accessible to individuals with a credit score as low as 580, ensuring that there is a loan option available for various financial situations.
Steps to a Renovation Purchase Loan:
01 Get Pre-Approved.
Our online application can help you receive your pre-approval letter quickly. Plus, you can upload all required documents straight into the app to save you time and energy.