Renovation Loans

Renovation Loans

Turn That Fixer-Upper Into Your Happily Ever After

Did you know you can finance the cost of home improvements into your mortgage? Eliminate the need for large out-of-pocket renovation costs and simplify the process with one application and one mortgage payment. You’ll be able to borrow based on the expected value of the upgraded home, which may be the answer if you’re having difficulty getting approved for a loan on a house needing repairs. Theresa offers a variety of renovation loan options and can help you choose the best fit for your needs. A renovation loan might also be the answer if you’re having difficulty getting approved on a home because it needs some repairs.

Benefits of a Renovation Home Loan

  • The ability to borrow more: When compared to a Conventional mortgage, a renovation loan will allow you to borrow based on the expected value of the upgraded home.
  • The opportunity to restore a home: You can renovate an older home, which often has charm and features that new homes don’t.
  • Simplify the process: Taking out a renovation loan allows you to have one application and one mortgage payment, instead of worrying about multiple payments.
  • You may qualify for a larger tax deduction: Since you are borrowing only one mortgage, the interest, including the cost for the renovation, may be tax deductible*.

*Not tax advice; homebuyers should consult with their tax advisor.

Designed specifically for homes that may need some cosmetic repairs or upgrades, the FHA Limited (formerly known as the Streamline 203(k) mortgage) is intended for primary residences that can be remodeled, repaired, or updated for less than $35,000.

Allows buyers to finance major or minor upgrades on a home using the future value of the home, all without having to complete the work before the actual closing date. It allows for major structural changes as well as landscaping, new appliances and more.

Your Dream Home Awaits with the Fannie Mae Homestyle Renovation Loan

In love with the charm of an older home, but can’t afford to restore it?

Don’t stress! You can finance the cost of home improvements into your mortgage. Eliminate the need for large out-of-pocket renovation costs and simplify the process with one application and one mortgage payment. Some home renovation projects even increase your property value by a greater amount than what you spend on renovations!

Benefits

  • Cover the cost of your home and the repairs with one first mortgage
  • Owner occupied, second homes, and investment homes are eligible
  • Minimum 5% downpayment on primary residence purchases and refinances
  • You may qualify for a larger tax deduction (since you are borrowing only one mortgage, the cost for renovation, may be tax deductible).*
  • In some cases it may be possible to borrow enough to cover your mortgage payment (including principal and interest, taxes and insurance) for up to six months, freeing up funds for alternative housing until move-in.
  • This program has a large list of eligible improvements, including: finishing a basement, large landscaping improvements, swimming pools, room remodels, structural repairs, and much more!

*Not tax advice; homebuyers should consult with their tax advisor.

Ready to learn more about renovation? I’d love to touch base – call me today!

If you’re having a home built by a “production builder” (large company builders that build on speculation are good examples), the builder will have arranged for the construction financing. As the buyer, however, you’ll need to have a “full credit underwrite and approval” for your loan that pays off the builder’s construction loan when the home is completed.

Understandably, builders want that full credit file underwrite to assure you are approved to close the purchase of the home they build for you. This protects them from a “sale fail” and being left with a home that was tailored specifically to you.

Sometimes a builder will suggest you use their lender, but under no circumstances are you required to. Quite often they will have loan packages that look attractive, but when analyzed, actually cost you money in the short and long term. Always review that loan information with another lender to make sure there are no veiled costs to you.

Take-out loans can be one of any of the following programs: Conforming, FHA, USDA, Jumbo or Portfolio.

Remember: the loan type you choose should be based on your comfort level with your current and future financial situation.

Making a Difference.

Theresa is my 'go-to' person when I have questions regarding anything that has to do with the economy... let alone the mortgage business. Her style of communication is direct and easy to understand... which makes her easy to work with. Do yourself a favor and find a reason to work with Theresa... you will be better for it!

-- Mike F., Marketing Director

Theresa Springer and Suzy Major were amazing to work with! Professional, friendly, patient - and amazingly fast. Thank you so much for helping with my 'unique' situation and closing so fast! Highly recommend!

-- Debra C.

We've worked with Theresa for years on a mortgage, re-fi and now an equity line of credit to cover some unexpected remodeling due to some water damage. As usual, she's super knowledgeable, easy to work with, very communicative and just gets things done - complete stress buster in terms of getting as loan. If you need a home loan of any type, Theresa's the ONLY call you should make and you're making a huge mistake if you don't! She rocks!

-- Drew & Linda Z.

We just can't say enough about Theresa's professionalism and perseverance. She has been a delight to work with from start to finish and we wholeheartedly recommend her!

-- Jim A., Arney Construction, Inc.

In working with Theresa, I've had the opportunity to interview several of her clients and see her work up close. Plain and simply, she's phenomenal at what she does. She has a real understanding of both construction and residential lending and goes way beyond what many financial institutions will do to help you secure not just a loan, but a loan package that you can live with and that fits your unique needs. I highly recommend giving Theresa a call if you're looking to build a property, or buy or refinance a home.

-- Drew Z., LeftBrainRightBrain Marketing

We had gone through the mortgage process roughly a year and a half ago, but were unsatisfied with the service the USAA provided us. They threw an unexpected curveball at us very late in the process that had us giving them another $25,000 to close on our home. Due to falling interest rates, as well as a desire to get that cash out to do some home improvements, we were interested in refinancing our home. Theresa knew how to walk my wife and I through the process -- we were completely blown away by how professional and knowledgeable she was. I am referring as many people to Theresa in the course of my business as possible. You probably get these kinds of e-mails all the time, but I thought I would let you know of how satisfied my wife and I were with Theresa.

-- Mark L

“We would like to attest to the professional services we received from Theresa Springer. She was able to obtain an home loan on our extremely complicated real estate transaction. Additionally, we were under a time constraint due to the numerous loan rules that challenge borrowers today. Theresa was able to work with us in a knowledgeable, efficient and detailed fashion. She was always responsive to our questions and needs, even after hours and on the weekends. We fully recommend Theresa to anyone seeking to obtain a mortgage.”

-- Ken and Kiri T.

For years, my husband and I debated whether we would remodel our home or move. Our desire was to remodel, but we just didn't know where to begin. One of the biggest deterrents was the financing. We had no idea how to finance such a large project and weren't educated on the options available to us. But when we found Theresa Springer, it was like finding the key to building our dream home. Theresa clearly explained all of our options and walked us through every step of the project. Even when we were well on our way, she was available for questions and checked-in on a regular basis to make sure everything was running smoothly. Theresa was genuinely interested in and dedicated to our project and took pride in following it through to the end. Without Theresa's guidance and commitment, we may have sold our house and missed out on the beautiful home it is today. Thanks a million Theresa!

-- Amy & Paul W.

I was beginning to lose hope on this loan project until Theresa became involved. More importantly, I knew my client was in good hands with her! Thank you Theresa!

-- Sherrie K., Attorney

Theresa guided us through the home loan process, and assisted us every step of the way. She is the ultimate professional with experience and a personable, caring attitude. Her knowledge and diligence made all the difference, and she kept us informed every step of the way! We felt very fortunate to have her expertise, and any home buyer would be lucky to have her on their team. Theresa went the extra mile to guide us through the requirements and options, and her whole team was very knowledgeable and responsive. Thanks for making this possible for us, we love our new home!

-- Ellen and Ross H.

It was not clear at the onset whether it would be financially possible for us purchase our home. However, with Theresa's creative and persistent approach, we were able to secure a loan and purchase our new house. Theresa and her staff were always cordial and seemed to share our enthusiasm about our new house, and were always available for questions and promptly returned our calls or emails (even on weekends). I highly recommend Theresa and Movement Mortgage for anyone looking for a home mortgage!

-- Mark L

I appreciated that you were always available to answer all my questions. Thank you for everything!

-- Cataline V.

We went through a very challenging purchase where, after accepting our offer, the seller couldn't produce clear title. Theresa's extraordinary knowledge was our greatest advocate - she'd even advised the title company as to what steps needed to be taken. In the end, we walked from that purchase, but Theresa stood by us through it until we eventually found the beautiful home we did ultimately purchase. She's an incredible professional and we can't recommend her strongly enough!

-- Drew & Linda Z.

Theresa and her team got it done when others couldn't!

-- Chandler W. & Teresa R.

Theresa sat down with us and helped us clean up our credit, showed us what we couldn't see, and over the course of a year we were able to purchase our first home. Not only was she helpful up front, but Theresa made the entire process painless. Her help and personal attention was priceless. Just recently, when rates were dropping Theresa contacted us and helped us through a refinance. Thanks for helping us with everything! Theresa will be hearing from us soon on our next home purchase!

-- Cory & Bob

We were first time home buyers with a small budget, a baby bouncing on our knee & not a lot in our savings. Theresa helped us get a bond through the state finance commission and an FHA Loan. We are now proud homeowners! We were treated so respectfully - she explained the escrow process and what all the numbers, laws and facts meant. Most of the documents could be signed electronically which is extremely convenient for busy working parents. We were well informed during each step of the process! My husband and I sing the praises of Theresa Springer and our real estate agent Michele Duckett!

-- Beth M.

Theresa's knowledge of residential lending is outstanding, especially as regards the remodeling and building industry. Couple that with her warm and endearing demeanor and you have a professional loan officer that serves your best interest in the most pleasant way possible. We regularly recommend her and will utilize her services the next time we need financing help.

-- Mitch and Arlene S., Stanley Home Renovation & Design, Inc.

As first time buyers it was a very smooth experience. We were absolutely very satisfied!

-- Joshua & Leslie S.

Theresa was genuinely interested in and dedicated to our project and took pride in following it through to the end. Without Theresa's guidance and commitment, we may have sold our house and missed out on the beautiful home it is today. Thanks a million Theresa!

-- Amy & Paul W.

Theresa sat down with us and helped us clean up our credit, showed us what we couldn't see, and over the course of a year we were able to purchase our first home. Not only was she helpful up front, but Theresa made the entire process painless. Her help and personal attention was priceless. Just recently, when rates were dropping Theresa contacted us and helped us through a refinance. Thanks for helping us with everything! Theresa will be hearing from us soon on our next home purchase!

-- Corey & Bob

Theresa is amazing! They say that knowledge is power... and she certainly has command of the knowledge required to excel at her business. What is truly impressive is her ability to put that knowledge to work for her clients and associates. Her style of communication is direct and easy to understand...which makes her easy to work with. Do yourself a favor and find a reason to work with Theresa... you will be better for it!

-- Mike F.

Information provided is believed to be accurate as of the date posted, information is subject to change without notice.
Please consult your tax advisor regarding mortgage interest and/or mortgage insurance deductions. Models/Lifestyles shown do not reflect ethnic/racial preference.
CA-DOC283982, OR, WA MLO-283982 | Movement Mortgage, LLC supports Equal Housing Opportunity. NMLS ID# 39179 (For licensing information, go to: www.nmlsconsumeraccess.org) | 877-314-1499. Movement Mortgage, LLC is licensed by10101708“CA Department of Business Oversight under the California Residential Mortgage Lending Act” # 4131054, OR # ML-5081, WA # CL-39179, Interest rates and products are subject to change without notice and may or may not be available at the time of loan commitment or lock-in. Borrowers must qualify at closing for all benefits. “Movement Mortgage” is a registered trademark of the Movement Mortgage, LLC, a Delaware limited liability company. 8024 Calvin Hall Rd, Indian Land, SC 29707.