Renovations | VRM Lending LLC

Transform Your Home with a Renovation Loan – Explore the Possibilities

Did you know the median age of homes in the United States is 42 years old? This surprising fact has led many homebuyers and homeowners to explore creative financing solutions like Renovation Home Loans.

If you’re considering a fixer-upper or dreaming of revamping your current home, a Renovation Loan could be a potential pathway to realizing your vision without overstretching your budget. These loans offer a unique financial tool, but keep in mind, not everyone will qualify. Here’s what makes Renovation Loans stand out:

One Loan, One Payment: Simplify your finances by combining your mortgage and renovation costs into a single, manageable loan.
Future-Focused Financing: Unlike standard mortgages, these loans consider your home’s projected value after improvements, allowing you to borrow against its future potential.
Flexible Use: Whether buying a home in need of updates or reimagining your current space, these loans can adapt to fit your specific needs.
Increased Borrowing Power: By tapping into your home’s future value, you might access more funds than traditional home equity loans, enabling more significant renovations.

While a Renovation Loan could be a powerful tool in your home financing strategy, it’s important to remember that qualifying for this product is key. Explore your options, and see if this loan might be the right fit for your vision of home.

Our #1 focus is helping homebuyers with their mortgage needs

Compare Your Renovation Loan Options

Choosing the right renovation loan depends on your specific needs and qualifications. Here’s a quick look at three types of loans that might be available to you:

Freddie Mac CHOICERenovation® Loan

Up to 95% Financing: You may be able to borrow up to 95% of what your home will be worth after renovations.
For First-Time Buyers: If you’re purchasing, one borrower needs to be a first-time homebuyer.
Flexible Property Options: Whether you’re looking at a single-family home, condo, or even a manufactured home, this loan may work for you.
Special Projects: If you qualify, you may use this loan for big upgrades like adding a pool or outdoor space.

FHA 203(k) Renovation Loan

Low Credit Score Requirement: You may be able to qualify with a credit score as low as 620.
Buy or Refinance: This loan works if you’re buying a new home or fixing up the one you have.
Versatile Property Choices: Available for various types of homes, including single-family homes, condos, and more.
Home Updates: Perfect for updating kitchens, bathrooms, or tackling other important repairs.

VA Renovation Loan

Up to 100% Financing for Veterans: If you’re a veteran, you might be able to finance the full cost of your home, plus renovations.
High Loan Amounts Available for those that Qualify: For larger projects, you can borrow up to nearly $1 million if you qualify.
Quick Projects: This loan is great for renovations that can be completed in about four months.

Each of these loan options is designed to cater to different financial situations and renovation goals. It’s important to explore each option and see which one might fit your needs. If you’re unsure, don’t worry—talking to a mortgage loan originator can help you figure out what works best for you.

3 QUICK & EASY STEPS

A simple online process

01 Calculate Your Payments

Our payment calculator helps you estimate your monthly mortgage payment based on the home price, down payment, loan term, and interest rate.

02 See If You Can Get Pre-Qualified

See if you can get pre-qualified. It’s the first step in the home loan process, so gather your documents like income verification and bank statements to make this process smoother.
(Submitting verification documents is not required and you are not obligated to provide any until you receive a Loan Estimate and indicate an intent to proceed. This step is designed to simplify the pre-approval process should you choose to continue.)

03 Buy a Home

Securing a pre-qualification is an important first step in understanding what loan amount and product may suit your budget and needs, but it is not a guarantee of loan availability or approval. To move forward, once you have an accepted offer on a home, the next crucial step is to complete a full loan application.

VRM Lending LLC is not affiliated with or acting on behalf of or at the direction of the FHA, VA, or the Federal Government.