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Mortgage Loans Chattanooga Tennessee Greg Petree (Branch Manager) Kathy Cotsakis (Senior Loan Officer) Deeanna Jeffreys (Loan Officer)

 

Homestyle Renovation Mortgage Loans

The Homestyle Renovation product is a relatively new player in the renovation game. It is a conventional loan product that allows a borrower to repairs, renovations, or improvements leading up to 50% of the as-completed value of the home. All repairs/renovations must add value to the home to be eligible repairs.

Unlike the Homepath mortgage products, Homestyle products require Private Mortgage Insurance unless you have a down payment of 20 percent or more. However, the mortgage insurance rate is much better on these products for borrowers with good credit than that of a FHA 203k loan. Homestyle products are also not limited to the FHA loan limits, which is $271,050 in Hamilton county.

What is most unique about this product is that it gives investors a way to tap into the renovation loans without being restricted to Homepath properties. Who wouldn’t want to flip a house on borrowed money with just 20% down?

 

 

HomePath Mortgage

HomePath Mortgage allows a borrower to purchase a Fannie Mae-owned property with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance. Expanded seller contributions to closing costs are allowed. read more

FHA Loans vs Conventional Loans

Here we will sum up the two most common loan types out there: conventional loans and FHA loans. Let’s get right to it! read more

USDA Rural Development Mortgage

With the USDA Rural Development option, you can borrow 100% of the appraised value. This means you don’t need to come up with the down payment. In fact, you can actually borrow 2% more than the appraised value, and use the extra to make some light repairs or home improvements. The main requirement for a USDA Rural Development mortgage is that the property must fall within certain geographical areas, outside the city limits of major metropolitan centers. read more

FHA Renovation Loan

What is an FHA 203k?

An FHA 203k loan is one of the more popular and easier to qualify renovation loans on the market right now. It is a loan backed by the federal government and intended to allow people to purchase and renovate a home with one loan. This is how it works: read more

HomePath Renovation Mortgage

Homepath Renovation Mortgage is a mortgage product that allows the borrower to make light to moderate repairs on a Fannie Mae-owned property and roll the costs of the renovations into the mortgage. read more

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A reverse mortgage is a special loan for senior citizens that allows them to convert a portion of their home equity into cash. Unlike a traditional mortgage or home equity line, borrowers are not required to make a house payment after borrowing the money as long as they use the home as their primary residence. A Reverse Mortgage can also be used for the purchase of a new home! Ask one of our loan officers for details on that. read more

Loan Simple
NMLS# 3032
8052 Standifer Gap, Suite A, Chattanooga, TN 37421
Branch NMLS# 386455

Equal Housing Lender

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