Our Renovation Loans Rates Are Low & Our Process Quick & Painless

SWBC Mortgage offers two types of renovation loans: Fannie Mae Homestyle and FHA 203k full and limited.

The Fannie Homestyle loan can be used to either purchase or refinance a home and finance in renovation costs. It is also possible to finance in mortgage payments while renovations are being done in the event the property isn’t habitable during the repairs. Homestyle can also be used for single family investment properties, offering investors the opportunity to reduce their cash outlay and complete a single financing instrument for the purchase and renovation of a rental property.

An FHA 203K loan is a loan backed by the federal government for buyers who want to buy or refinance homes in need of repairs or updating. Here’s how it works: Let’s say you want to buy a home that needs a brand-new bathroom and kitchen. An FHA 203K lender would then give you the money to buy (or refinance) the house plus the money to do the necessary renovations to the kitchen and bathroom

FHA 203K loans are only for primary residences and most of the work must be completed by licensed contractors. The renovation costs are placed in an escrow account and disbursed to contractors as the work progresses. The renovation should be completed within six-months.

We’re here to make the 203K home loan process easier, with tools and expertise that will help guide you along the way, starting with our 203K Loan Qualifier.

We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you whether you’re a first-time home buyer or a seasoned investor.

The 203K Loan Process

Here’s how our home loan process works:

• Complete our simple 203K Loan Qualifier
• Receive options based on your unique criteria and scenario
• Compare mortgage interest rates and terms
• Choose the offer that best fits your needs