We offer a variety of renovation options, rolling the cost of the home repairs into the mortgage. The FHA 203k provides a options with structural changes, as well as, minor updates such as painting. The Homestyle provides an option for adding luxury upgrades such as in-ground pools and outdoor kitchens.
Renovation loans can be used to purchase or refinance an existing property and include the cost for home improvement and necessary repairs.A vast range of repairs can be funded with these loans.
Allowable repairs include:
• Disability Access
• Heating, Ventilation and Air Conditioning
• Roofing and Flooring
• Energy Conservation
• Kitchen Remodeling
• Decks and Patios
• Bathroom Remodeling
• Finishing an Attic or Basement
How many types of Renovation loan programs are there?
We are currently offering FHA 203(k) Standard, FHA 203(k) Limited, and FNMA HomeStyle.
What is a FHA 203k Standard?
With the FHA 203k Standard, you can purchase or refinance the rate and term of your primary residence.
The FHA 203k Standard option applies to attached or detached single family residences, PUD, Condominium, 2-4 units, and manufactured homes and primary residence. This loan program applies only to primary residence occupancy types. If purchasing, you could be eligible for down payment assistance – your mortgage banker can tell you if you qualify.
The minimum repair amount is $5k, with no maximum repair amount. The types of repairs allowed include structural and non-structural repairs. No swimming pool construction is allowed, however, borrowers may repair a swimming pool up to $1,500. It may also be a great option for someone who wishes to build an addition to the existing home.
This product is not self-help (DIY) eligible.
What is a FHA 203K Limited?
Similar to the Standard in many ways, with the FHA 203k Limited you may purchase or refinance the rate and term of your primary residence. With the FHA 203k Limited, there is no minimum repair amount, but the maximum dollar amount for repairs is capped at $35k, including rehabilitation fees.
Is this right for me?
You might prefer the FHA 203k Limited over the standard if you are looking to make non-structural updates to your home, have no major building additions in store for your home, and no foundation work required.
What is a FNMA Homestyle?
Another helpful renovation loan program, the FNMA Homestyle is a good option for Purchase and Limited Cash-Out Refinance. This option is great for someone looking to make updates to their home and leveraging their home’s equity to do it!
The FNMA HomeStyle is different because it can be utilized to renovate primary residences, second homes or investment properties. It applies to attached or detached single family residences, PUD, Condominium, 1-4 units, and manufactured homes. You would need to talk to your mortgage banker about the minimum credit score required for qualifying and about determining loan-to-value for this program.
You can repair up to 75% of your “as improved” appraised value.
With the FNMA HomeStyle, you can make structural repairs, construct a swimming pool, and build additions – though the addition must meet FNMA requirements for accessory units.
Being your own boss shouldn’t mean a backbreaking path to homeownership. Self-employed borrowers can relax with Stockton Mortgage’s bank statement program, with alternative documentation options of 12 or 24 months of bank statements.
Our conventional loans can be a fixed rate or adjustable rate mortgage. With a variety of down payment options, the minimum down payment requirement is 3%. There are also options that avoid mortgage insurance.
This loan program helps medical professionals qualify for a home loan, even with student loans and limited savings. Eligible borrowers include currently practicing medical professionals or those who’s employment will start within 90 days of closing.
The Federal Housing Administration (FHA) loan is a great option for borrowers without a large amount in savings.
Fresh Start Loan
Individuals recovering from a credit event should not be without the hope of homeownership. If you’ve had a recent bankruptcy (Chapter 7 or 13), foreclosure, deed-in-lieu, or short sale, ask one of our mortgage bankers about a Fresh Start.
Hobby Farm Home Loan
The Hobby Farm loan is for homes with 5 – 160 acres. Rural areas, non-contiguous parcels permitted. Not eligible for full time Farming operations. This program is good for customers looking for a place to have horses, hunting property, etc.
Home Equity Line of Credit (HELOC)
This alternative to a cash-out refinance allows a borrower to use the equity in their home without refinancing their mortgage.
Investor Cash Flow Loan
With Stockton Mortgage’s Investor Cash Flow Loan, it’s never been easier to break into real estate investing. This program allows you to utilize the future income rental of a property to determine cash flow – meaning that if portfolio growth is a goal, the Cash Flow Loan could make it happen.
Stockton Mortgage offers solutions for people who have an Individual Tax Identification Number (ITIN) who are looking for a mortgage or wish to finance their existing mortgage. With our ITIN Loan Program, we may be able to utilize written verification of employment and bank statement payroll deposits in lieu of paystubs.
A great option for large loan amounts; too large for a conventional loan. Loan amounts up to $3 Million for owner occupied or $2 Million for second home. This program varies by state, please ask your mortgage banker for more information.