Make your house a home
Renovate with ease.
Renovate and rehab a new or existing home with our Renovation financing
options.
Whether you’re looking to put in a pool or you need to repair your home after storm damage, HMA
Mortgage offers two unique Renovation Loan options to fit your needs.
From repairs to upgrades, we make every
step of your home renovation possible.
Our Makeover Mortgage Renovation Loan Options:
FHA 203 (k)
- 3.5% minimum down payment requirement
- Upfront mortgage insurance premiums financed into loan
- Monthly mortgage insurance premium
- Existing homes eligible
- Seller concessions up to 6% of sales price
- Condominiums may be eligible, must be on FHA approved list or FHA single unit spot approval
- No income limits
- No minimum on renovation costs
- Gifts allowed
VA Renovation Loans
- Combines VA home loan benefits with renovation financing in one loan for purchase or refinance.
- Allows up to $75,000 in home improvements with no down payment and no mortgage insurance.
- Eligible only for a primary residence, whether buying or refinancing.
- Covers a wide range of upgrades: windows, doors, siding, flooring, roofing, gutters, HVAC, water heaters, electrical, plumbing, and more.
- Supports energy-efficient improvements, weatherproofing, and insulation projects.
- Includes options for accessibility upgrades and addressing safety concerns like mold or lead-based paint.
Home Style
- Owner occupant, second homes and investment properties
- Condos, one to four units allowed
- Renovations costs up to 50% of the after improved value
- Incomplete properties when the builder went out of business allowed
- No restrictions on improvements (must be permanently fixed to property and add value)
- Contingency reserve is allowed from out of pocket
Questions?
Contact us today.