Renovation Loans can take a home from “drab to fab” and turn a fixer-upper into your dream home!
Ready to see if a renovation loan makes sense for you? Fill out the quick form below and a USA Mortgage Renovation Specialist will get in touch!
Renovation Loan Programs
Worried that rates are too high?
TURN A “LESS-THAN- PERFECT” HOME INTO YOUR DREAM HOME WITH OUR RENOVATION LOAN PROGRAMS!
Situation A:
No renovation loan! You buy the house from an investor and your loan amount is $300,000 at a 6.5% rate.
Total Monthly Payment
$2,037
Situation B:
You buy and hire a contractor to renovate. Removing the investor profit of 20% decreases your loan amount to $240,000, but increases your rate to 7.25%.
Total Monthly Payment
$2,318
$281 Cheaper/Month + $60,000 Equity!
Scenario A: $300,000 loan amount, 20% down payment, $2,318/month (PITI, taxes and insurance estimated at $421.54/month), 30-year-fixed 6.5% interest rate, 6.593% APR. Scenario B: $240,000 loan amount, 20% down payment, $2,037/month (PITI, taxes and insurance estimated at $399.67/month), 30-year-fixed rate, 7.25% interest rate, 7.368% APR. The information provided is for general informational purposes, it is not accurate or applicable to every individual situation, and may not encompass all variables of real estate transactions.
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