rei

Homestyle Renovation Loans
(FNMA backed, Investor Friendly)

Perfect to use with one of REI Shoppe wholesale opportunities.
(call for details)

HomeStyle Renovation combines home purchase or refinance with home improvement financing in one loan with one closing. For your borrowers considering major home improvements, this option provides an effective and affordable way to leverage the future value of a home with a single-close first mortgage. 

HomeStyle loan, the total amount you can borrow with a HUD 203(k) loan depends upon several factors. You can borrow the lesser of the following two amounts: the price of the property plus the cost of the renovations, or 110 percent of the expected market value of the house once the work is done. With a HomeStyle loan, you can borrow up to 95 percent of the lesser amount. This means you will have to come up with a 5 percent down payment. To find a lender in your area who handles 203(k) mortgages, call HUD's Consumer Hotline at 1-800-767-4483 or ask your REI Shoppe representative for a referral list.

Investor Benefits

• Finance improvements of up to 50% of the as-completed value of the renovations with a low first mortgage interest rate
• Save money by paying only one set of closing costs
• Eligible borrowers can finance soft costs and payment reserves