You want to purchase a home that checks most of the boxes, but there are some updates that you want or need to make to make the house perfect. Or, maybe you want to purchase a home that needs a lot of work, but it is in the area you want to live.
NxtGen Mortgage offers both the FHA 203(K) and the FannieMae Homestyle as options
The FHA 203(K) is HUD's version of the renovation loan. As with a regular FHA loan, it is for primary residences only and allows for most types of renovation projects, with the exception of luxury items such as a pool or outdoor kitchen. The minimum down payment required is 3.5%, just like a regular FHA loan and the minimum credit score is 620.
The Homestyle is Fannie Mae's version of the renovation loan. A unique feature to the Homestyle loan is that it can be used on all occupancy types - Primary, 2nd Home and Investment. The Homestyle also allows for luxury items such as a pool or outdoor kitchen.
Please feel free to reach out with any additional questions. You can either complete the form to the right, call 713-677-4101 or email lee@nxtgenmortgage.com