Jumbo Renovation Loans are a non-conventional mortgage that allows you to purchase or refinance both the cost of the home and planned renovations, all under one loan and one interest rate. You are allowed to include the cost of repairs and renovations up to $250,000 or 30% of the as-improved loan amount, whichever is less (including 10% contingency.) This loan is for amounts greater than $548,250.
FHA 203K Loans include the cost of repairs and renovations when that amount is over $34,999 OR there are structural repairs involved (ex. foundation repairs) including a 10-20% contingency. Homeowners and buyers will enjoy the perks of FHA financing, including low interest rates, a 3.5% down payment, and less stringent qualification guidelines, however their loan amount will be limited to $334,650 in most cases.
The FHA 203K Streamline Loan is similar to the FHA 203K but only allows for cosmetic improvements up to $34,999 including a 10% contingency. Again, homeowners and buyers wilI be able to take advantage of the great terms FHA loans have to offer. But cannot upgrade or repair structural items without jumping up to the full 203k.
HOMESTYLE RENOVATION - CONVENTIONAL
The Fannie Mae HomeStyle Renovation Loan is a conventional mortgage that allows you to purchase or refinance both the cost of the home and planned renovations.