HomeStyle Renovation Loan Home Expantion
Expanding a home with the Fannie Mae HomeStyle Renovation Loan is becoming a common occurrence in Texas. A family of 5 in Frisco had outgrown their quaint home and after years of searching for options to expand they found that HomeStyle Renovation was just a phone call away!
The addition was not the only improvement that was rolled in their refinance. Check out some of the project details below and remember you can finance the cost renovation with a Fannie Mae HomeStyle Renovation Loan. The loan is a Conventional Mortgage and can be used with a purchase or refinance.
HomeStyle Renovation Numbers Breakdown
Base Bid
Contingency
Inspections
$122,200
10%
5
After improved value of $320,000
The single story home you see on the left will soon have a two story addition added to the rear of the home. Adding a combined 1,000 square feet between the two stories. The addition will feature a living room, utility room, stairs, 2 bredooms and a hall bathroom. Complete transformation!
Along with the addition, they are getting a new roof on the existing structure to match. All new Pella Brand vinyl windows, Wood flooring, HVAC upgrades and paint for the interior and exterior are just a few other upgrades. Check out the pictures below of the kitchen prior to the new granite counters tops and cabinets being installed! Fannie Mae HomeStyle can do it all!
Tips for Conventional HomeStyle Loan
If you are considering a HomeStyle Renovation Loan then there are a few things you need to consider:
- Choose the right contractor - especially if you are doing a major project. The right contractor can make a big difference.
- Detailed bids are important - a detailed bid will help avoid confusion on what you are getting for what amount.
- Never make changes to the scope of work unless they are in writing - a conversation about a change is great but getting it in writing is a must!
Repairs don’t scare me and they shouldn’t scare you either. Call me today to discuss renovation loan options.