When it comes time to make repairs and improvements to a home, you need flexible financing.
Mortgage Consultants Group offers two types of conventional home loans that include this type of financing: HomeStyle Renovation loans and CHOICERenovation loans.
What is a Fannie Mae HomeStyle Renovation Loan?
A Fannie Mae HomeStyle Renovation loan combines financing for repairs and upgrades to a home with a mortgage.
You can use this type of loan to purchase and improve a home, or you can use it to refinance your existing mortgage and make improvements if you already own a home.
What is a Freddie Mac CHOICERenovation Loan?
CHOICERenovation is another product that allows you to bundle the costs for home improvements into a mortgage. But whereas the HomeStyle renovation loan is a Fannie Mae program, the CHOICERenovation loan is a Freddie Mac program.
You might consider CHOICERenovation over a Homestyle loan if you need to borrow money to cover disaster-proofing or other forms of resilience upgrades. Homestyle does not support these types of improvements, but CHOICERenovation does.
In most other respects, these two types of mortgages are similar. During your consultation, we can go over the similarities and differences together, and help you figure out which will be most suitable for your requirements.
Find the Right Home Renovation and Construction Loan for Your Needs
Whether you are buying a home that needs repairs or you need to upgrade the home you already live in, a Freddie Mac CHOICERenovation or a Fannie Mae HomeStyle Renovation loan can help you take the next steps forward in your projects.
To apply now, please contact us today at (916) 669-1682 to schedule your consultation. Our service area includes Rancho Cordova, Gold River and throughout Sacramento, El Dorado, Placer, San Joaquin and Stanislaus Counties. We can also work with you elsewhere in California.