Do you want to buy a fixer-upper in Illinois, or renovate a home you already own? MidAmerica Bancorp, Inc. can connect you with multiple types of renovation loans to provide you with the flexible financing you need to repair and upgrade a home. Below, you can learn more about Fannie Mae HomeStyle Renovation loans and FHA 203k loans.
Fannie Mae HomeStyle Renovation Loans
If you want to purchase a home and upgrade or repair it, one option is to apply for a Fannie Mae HomeStyle Renovation loan.
This type of renovation loan rolls financing for upgrades and repairs into a single mortgage.
If you already own the home you want to renovate, you can also get a Fannie Mae HomeStyle Renovation loan by refinancing.
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Renovation Loan Rate QuoteThe maximum loan-to-value (LTV) for a HomeStyle Renovation loan is 97% for a single-unit primary residence. But you can also use this type of financing to buy and renovate a wide range of other property types including townhouses, manufactured homes, condos and more.
FHA 203k Loans
Another type of home renovation loan we offer is FHA 203k. Like Fannie Mae HomeStyle Renovation loans, FHA 203k loans bundle together the funds for purchasing and renovating a home.
Since this product is backed by the FHA, it features flexible qualification requirements and affordable down payments.
Get a Fast, Flexible Renovation Loan Now
Not sure which of these types of home renovation loans in Illinois is right for you? MidAmerica Bancorp, Inc. can go over your scenario with you during your consultation in detail and give you personalized recommendations.
If you are ready to get started, please give us a call today at (708) 237-4050 to schedule your free consultation. We can help you improve a home anywhere in Illinois, Indiana, Florida, Michigan, Tennessee or Wisconsin with a competitive renovation loan.
Do you know how much home you can afford?
Most people don’t... Find out in 10 minutes.
Renovation Loan Rate Quote