How To Pay For Home Renovations

Home renovations are something that many long-term homeowners can’t evade, after a time, homes will need major maintenance and updating.  Don’t let the costs of such tasks make you feel overwhelmed, there are several mortgage options and mortgage loans that you can request to help pay for home renovations.

There are two main options: you can select a government-backed home renovation loan or a private home renovation loan. In this article we will review each one and you can determine which is your best option.

GOVERNMENT LOANS

Fannie Mae HomeStyle Loan

The HomeStyle Loan backed by Fannie Mae is a loan that can be used to buy or refinance a property in order to pay for home improvements. This loan wraps a home mortgage loan and a constr