Ready to make your dream home a reality? Let’s talk about how a renovation loan can work for you!

When searching for a new home, you probably have a list of must-have features in mind. However, it's unlikely that every home you visit will meet all your criteria. If you find a property that needs some work but has potential, a home renovation loan can help you transform it into your dream home without tapping into your savings or relying on credit cards.

Additionally, a renovation loan can be used to purchase a home priced below market value due to its condition. This allows you to buy a property within your budget, renovate it to suit your needs, and potentially gain instant equity.

Why Choose a Renovation Loan?

Renovation loans are ideal for both new homebuyers and existing homeowners. Here’s why:

1. You won’t need to dip into your savings or spend extra money out of pocket for initial renovations. With a renovation loan, the cost of improvements is included in the loan amount, allowing you to make necessary updates and upgrades without straining your finances. This means you can focus on transforming your new home into your ideal space without the added burden of immediate, out-of-pocket expenses.
2. Consider broadening your home search to encompass competitively priced older homes and fixer-uppers. These properties often come with unique charm and potential for significant value increases. By looking at homes that may need some work, you can take advantage of lower purchase prices and use a renovation loan to make improvements, ultimately creating a home tailored to your preferences while building equity.
3. You can buy a home and finance your renovation projects with a single 30-year fixed-rate mortgage. This loan covers everything from essential repairs to room additions and more (contact us for the full list of eligible projects). This streamlined approach simplifies your finances, allowing you to manage your home purchase and improvements in one convenient loan.
4. You may qualify for a down payment as low as 3% with a Fannie Mae HomeStyle or FHA 203(k) loan, or even 0% if you're a veteran. Enjoy peace of mind knowing renovations will be done to your satisfaction by your chosen contractor. Post-closing costs like inspections, permits, and fees can be included in your renovation escrow account. Plus, a contingency reserve of 10% to 20% of your bid cost will cover any unexpected repairs. You can also finance up to six months of mortgage payments, so you won't need to pay both your mortgage and rent during renovations.

Why CrossCountry Mortgage?

At CrossCountry Mortgage, we’re committed to helping you achieve your homeownership dreams. With our Renovation Loan, you can enhance your home’s value, create the perfect living space, and simplify your finances.

Are you ready to seize the opportunities in the dynamic housing market? Whether you're a first-time homebuyer, seasoned investor, or homeowner looking to make a move, now is the time to take action. Explore the diverse range of properties available across states, from bustling urban neighborhoods to serene suburban enclaves. Discover how you can leverage the current market conditions to achieve your homeownership or investment goals.

My last name may be Winters but no one gets left out in the cold! ??

Start your journey today and unlock the door to your dream home or investment opportunity. Click here to learn more!