LET’S RESTORE YOUR DREAM, TOGETHER
WITH A RENOVATION LOAN BY ESCO MORTGAGE ADVISORS
Not only can a renovation loan from ESCO Mortgage Advisors help you turn a place with potential into the home of your dreams, it could also save your approval.
How? If you’re having difficulty getting approved for a loan on a place that needs improvement, a renovation loan may help. ESCO offers several renovation loans created to cover the property, plus minor or major repairs.
FHA 203(k) Standard & Limited
ESCO requires a minimum 580 credit score on all FHA loans
Minimum reno amount of $5,000 required, no maximum amount
203k self-help and contractors related to the borrower are not allowed
Manufactured and on-frame modular homes are not allowed
203k Standard covers many “major” repairs, such as structural repairs, moving or altering a load-bearing wall, or even knocking the house down to rebuild it as long as you leave part of the existing foundation in tact.
203k Limited covers a max of $35, 000 toward repairs. This loan type is intended for less intensive changes or updates such as roof repair, replacement of HVAC, flooring or minor remodeling work.
HomeStyle® Renovation Mortgage
Include renovation costs in one loan to purchase or refinance.
No minimum renovation cost required
Maximum renovation cost is 50% of the “as completed” appraised value of the property
HomeStyle® for Investors
An investment-specific loan covering single unit properties with all renovation work allowed, including luxury additions, and a minimum down payment of 15%. Investment property purchases go up to 85% LTV with optimal FICO at 620 or above.
A renovation loan by ESCO can restore your home ownership dream AND let you make the home your own. Let us show you how.
We are currently offline. You can email us instead.