Including Renovation Costs in Your Loan
Did you know that you can buy a home and include the cost to replace all the windows of that home into your home purchase loan? This loan type is called a renovation loan. There are various versions of this loan type that can accommodate many different home buyers and home values. FHA offers the FHA 203K loan which has 2 versions. The VA as a VA renovation loan that can be used with zero down and income the new windows. USDA Renovation also offers 100% financing and will allow for the new windows. Lastly, conventional loans offer the Homestyle (Fannie Mae) Renovation loan and CHOICERenovation (Freddie Mac) loan programs. These loans will all allow for the borrower to close on their new home and include the window updates which will take place after closing and once the home has transferred.