With the Hawaii HomeStyle Renovation Mortgage, finding the perfect turnkey home is no longer necessary – buyers just need a vision for the potential of the home or condo once the renovation is completed.
HomeStyle Refinance for Homeowners
Now that you are settled into your new home or condo, you’ve probably come up with a list of repairs or a remodeling project you would like to complete once your savings permits or your home has enough equity to take out a variable rate Home Equity Line of Credit. With the HomeStyle Renovation Loan, you may not have to delay those much-needed home repairs or remodeling projects that you’ve been dreaming about – instead, it may be possible for you to refinance into a fixed rate mortgage.
HomeStyle Loan Basics
•First-time homebuyers can put as little as 3% down
•Repairs or improvements must be permanently affixed to the real property and add value to the property
•Fixed rates and ARMs available
•No minimum dollar amount required for repairs
•Construction consultant required for renovation cost over $35,000
•620 minimum qualifying credit score
Added Benefit with the HomeStyle Loan
The HomeStyle Renovation Program offers borrowers financing based on the value of the property after the renovations have been made. This allows borrowers to qualify for a higher mortgage amount.
Now Available for Second Homes and Investors
Unlike many renovation loan options, the Hawaii HomeStyle Program is available for financing second homes and investment properties. This can create an excellent opportunity for building instant equity in a vacation home or rental property.
Luxury Improvements Allowed
Most renovation loan programs don’t allow the financing of luxury items on the home – improvements such as swimming pools, outdoor kitchens, and detached accessory dwellings (known as Ohanas in Hawaii). These projects are all eligible through HomeStyle Renovation Loan.
Save your real estate deal from falling out of escrow.
Home purchases that may have otherwise been cancelled due to costly repair contingencies can be saved with a HomeStyle Renovation Mortgage. With this program, borrowers can finance the cost of the repairs into the loan amount and ensure that they still get the home that they want.
Additional Hawaii Renovation Programs to Consider
•VA Renovation Loan – For military and veteran borrowers looking to finance minor updates at a cost under $35,000
All our Renovation programs are available on Oahu, Maui, The Big Island, and Kauai. Give us a call today! 808-891-0415