Texas Lone Star Lending Video
One Loan for Home Purchase and Remodeling
In this week's 5-Point-5, you'll learn what to do when the home of your dreams is a fixer upper. Use a renovation loan to add the remodeling costs to your home purchase loan.
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Read the transcript
In this week's 5-Point-5, we'll learn what to do when the home of your dreams is a fixer upper.
1st point: Use a renovation loan - Use a renovation loan to add the remodeling costs to your home purchase loan. You'll have one loan, one payment.
2nd point: Major remodeling - okay - Does the home need a complete renovation? Your remodeling budget can be up to 75% of the estimated value of your renovated home.
3rd point: Luxury upgrades - okay - Want an outdoor kitchen? Want a pool? Luxury upgrades are fine. Make this the home of your dreams.
4th point: Second homes and rental properties - okay - You also can use a renovation loan to purchase and remodel a second home or an investment property.
Last point: It's a conventional loan - Renovation loans are conventional mortgages and have attractive rates with no scary loan terms.