FCM Renovation Lending
Welcome to Renovation Lending, where you can turn any home into your dream home! The Diederichsen team will walk you through every step of the way! We offer great rates and products to help you purchase your new home.
Renovation Lending gives you the ability to purchase any home and have updates completed with a onetime, seamless closing. Repairing your Historic Home will save you the large out-of-pocket expense as you can simply add the repair costs to the purchase price. Historic Home restoration loans, Federal Housing Administration (FHA) 203K renovation, Jumbo Renovation and Home Path Renovation mortgage financing are just a few of the options you will have when finding your Cincinnati Historic Home.
Jumbo Renovation is a program that you can use to add repairs or renovations up to 50% of the home’s future value. Allowed improvements include kitchens, bathrooms, swimming pools, and outdoor living spaces. Conventional Jumbo financing is any loan that exceeds $647,200. The repairs can be cosmetic in nature and all structural repair projects are reviewed on a case-by-case basis.
FHA 203K loans are equipped for your first-time home buyer in need of a “fixer upper”. The 203K product offers a maximum county loan limit not to exceed $420,680. There is a 203K streamline and a 203K full. The biggest difference is the price, over $35,000 makes it a full 203K renovation loan.
With Renovation loans, potential homeowners can look beyond what exists and make it their own. Home improvements can range from basic repairs or upgrades to more extensive additions and even rebuilding. Renovation lending requires the use of an approved/insured contractor as “do it yourself” projects are not permitted. Please consult with your general contractor to ensure your restoration project does not require an Ohio State license or permit.
First Community Mortgage follows all state and local licensing requirements needed to complete every Home Renovation loan. Please call Rob Diederichsen with FCM to discuss which renovation product best fits your needs. Best of luck!
First Community Mortgage