Cherry Creek Mortgage Company

Combine your purchase, refinance, or renovation loan into one with Fannie Mae's HomeStyle Renovation loan or the U.S. Department of Housing and Urban Development section 203(k). This loan option is for existing homes and not the construction of new homes. This program is more flexible compared to a traditional construction loan, as the loan terms are established based on the real estate's value post-renovation. With a renovation loan, you can buy and renovate your house with one mortgage, one closing, and one payment every month. The down payment is required, and you might need to buy mortgage insurance. Private Mortgage Insurance is required for HomeStyle transactions with loan-to-values over 80%. The section 203K option does not necessitate Mortgage Insurance. With the loan, you can start making improvements to your house right away without dipping into your savings. You can also deduct your interest on the loan because it functions like any other mortgage being tax-deductible.