• Rebecca Sheridan

    Rebecca Sheridan

    Residential Loan Officer
    NMLS# 1751438

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    Fannie Mae’s HomeStyle, FHA  203(k)  and FHA 203(h) Renovation Mortgages

    The Fannie Mae HomeStyle loan is a robust program that can help homebuyers fix up a home with just one loan. It is a flexible option with many great benefits like allowing financing for major or luxury items, and can be used on a wide range of property types.

    Is It Right for You?

    An excellent choice for first-time homebuyers, seasoned homeowners, and investors with good credit, stable job and income history who are looking to make renovations or upgrades to suit their needs.

    Is It Right for Your Situation?

    Primary residence, second homes and investment properties, single family and 2-4 unit properties, condos and townhomes, Planned Unit Developments (PUDs); loan amounts up to $510,400 or based on County High Balance Limits.

    Features and Benefits

    1. Finance up to 50% of the property’s future value for renovations and repairs
    2. Flexible renovations projects allowed (incl. structural, cosmetic and mechanical)
    3. Down payment as low as 3% on primary residence
    4. Fixed rate options: Terms range from 10-30 years

    When that new home needs a pool, an outdoor living area or you want to create your sanctuary with the perfect bedroom, look into the Fannie Mae HomeStyle loan. Be sure to check out the What Loan is Right for Me page as it highlights the HomeStyle loan along with other construction and renovation solutions.

    203(k) Renovation Mortgage

    FHA 203(k) loans are an excellent choice for purchasing a fixer-upper or updating your new home with small renovations or major repairs. This government-backed mortgage allows homebuyers to combine their mortgage with the cost of approved renovations into a single loan, saving buyers time and money.

    Is It Right for You?

    A great option for homebuyers looking to personalize or upgrade their home through renovations and repairs, and seeking lower down payment requirements.

    Is It Right for Your Situation?

    Primary residence, single family and 2-4 unit properties, condos and townhomes, Planned Unit Developments (PUDs), and manufactured double-wide homes; must finance a minimum of $5,000 for repairs/renovations and maximum loan amounts vary by county (FHA Mortgage Limits by County).

    Features and Benefits

    1. Down payments as low as 3.5% of the purchase price
    2. Financing available for large and small projects
    3. Gift funds allowed for down payment and closing costs
    4. Up to 6% Seller Contribution allowed for closing and pre-paid closing costs
    5. Less than perfect credit allowed (incl. past bankruptcy or foreclosure)

    If you’re looking to remodel a kitchen or add on a new room, fix items identified in a home inspection or replace the windows, the FHA 203(k) can give you the capital you need without the burden of an excessive down payment or an unreasonable interest rate.

    There are two versions of the FHA 203(k) loan that are generally determined by the size or type of renovations financed: the Standard 203(k) is for repairs that exceed $35,000 and the Limited 203(k) works great for repairs below $35,000. Be sure to check out the What Loan is Right for Me page as it highlights the FHA 203(k) along with other construction and renovation loan solutions.Houston 203(k) renovation mortgage

    203(h) Renovation Mortgage

    The FHA 203(h) loan is specifically designed to help people who have endured life-changing events that occur in a Presidentially Declared Major Disaster Area (PDMDA). This government-backed loan is a great first step to help when it is time to rebuild, repair and recover.

    Is It Right for You?

    A generous solution for homeowners whose home was damaged, or destroyed, and are seeking flexible options to finance minor or major repairs; must be within one year of the disaster unless extended by the federal government.

    Is It Right for Your Situation?

    Primary residence, single family and 2-4 unit properties, condos and townhomes, Planned Unit Developments (PUDs), and manufactured double-wide homes; maximum loan amounts vary by county (FHA Mortgage Limits by County).

    Features and Benefits

    1. Can be used to repair, rebuild or refinance your current home
    2. Can be used to purchase or build a new home outside of the disaster area
    3. Up to 100% financing available (no down payment required)
    4. Can roll-in up to 6 months of mortgage payments that can be used for living expenses
    5. Qualification and credit history requirements are flexible (Pre-disaster credit is considered)

    Recovering from a state of disaster is something we all hope to never encounter but when it happens, Gateway stands ready with the FHA 203(h) and other programs that can help you and your family make your house feel like home again. If you have been affected by a federally-declared disaster, please visit www.DisasterAssistance.govwww.FEMA.gov, and the American Red Cross for more available resources.

    Questions? Contact Rebecca Sheridan Today!
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    Contact Rebecca Sheridan

    Rebecca Sheridan

    2700 Research Forest Drive
    The Woodlands, Texas 77381
    (281) 736-1488
    NMLS# 1751438

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