A Renovation loan is a first mortgage loan in which you use a portion of the money to renovate the property you are buying or refinancing.
At Concord Home Mortgage we offer two personalized renovation loans:
The FHA 203k loan. This is where you take an FHA loan and use the additional cash to renovate a primary residence. Concord Home Mortgage is able to write this type of loan if you have a 580+ credit score. They require additional documentation and usually take 60 days to complete.
Fannie Mae Homestyle Renovation loan. This can be used on a primary residence or an investment property. This product requires a little higher credit score than the FHA 203k loan but it does not require mortgage insurance and gives a little more flexibility with what repairs are covered.