Mortgage Financing for Home Renovations & New Construction Projects
Whether you’re looking to finance a renovation project or finance a project to build a home from the ground-up, GuardHill offers construction loans for renovations & new construction projects. A construction mortgage will help cover the costs associated with the development project. Home improvement construction loans will cover the costs associated with the renovation, such as a garage addition.
GuardHill offers a variety of loan programs and an abundance of professional advice for clients who are financing a renovation or new construction project. We will ensure that you pick the financing route that works best for your goals.
How does a New Construction Mortgage Work?
A new construction mortgage is useful when you’re looking to build and finance the home of your dreams. Typically, for a new construction loan, you only pay interest on the loan during the construction period. Once construction is complete, the loan amount is due, and the construction mortgage turns into a traditional mortgage. At GuardHill, we have multiple new construction loan programs so we can match your goals and financial needs to the appropriate loan program.
Construction to Permanent Loan
A construction to permanent loan combines the loan for the construction and mortgage for the completed home into one loan. The borrower will only pay interest on the loan during the construction phase. Once the project is complete, the loan will become fully amortizing.
Financing a Renovation for Your Home
Financing a renovation allows you to leverage your credit and income to provide for your dream renovations. Whether you are looking to expand your home, create a stunning new kitchen, improve the value of your home, or need a new air conditioning system, a home renovation loan will allow you to do so.
203(k) FHA Loan
A 203(k) FHA loan is a loan program that allows you to finance a home that requires renovations or repairs and wraps the remodeling or repair costs into your mortgage.
Fannie Mae HomeStyle Renovation Loan
The Fannie Mae HomeStyle renovation loan is another type of renovation program that allows you to combine the cost of the home with the renovation or remodeling into one loan.
The 203(k) FHA loan and Fannie Mae HomeStyle Renovation loan allow you to finance:
- Corrections of deferred maintenance
- A kitchen remodel
- Creating an open floor plan
- Foundation repairs
- Room additions
- Bathroom remodel
- Updates to old plumbing or septic
- Driveway or sidewalk repairs
Contact us to learn more about which renovation loan is best suited for your needs.
GuardHill Financial Can Help You Have Your Dream Home
Whether you are looking to build your dream home or make improvements to your current home, the professionals at GuardHill are prepared to make your vision become a reality. With our custom-tailored loan programs and financing expertise, we will ensure that you can responsibly borrow the money you need.