1. Let's start with the obvious. 5% down buys you the home and the money to fix up the home. That means you get the money to upgrade a kitchen, a bathroom, change the flooring, etc., built right into the loan.
We promised you 5 reasons but do you really need the other 4?
2. If done right, you have the opportunity to walk into instant equity. Along with that equity, you'll remodel a home that you love to live in, and that you want to raise your family in.
3. If you can't live in the home during the remodel, you can finance up to 6 mortgage payments as part for the renovation budget. That way you're not paying "double housing.".
4. "Luxury" upgrades. No, we're not talking about gold plated thrones, but how about having the ability to add a pool, fix up an ADU, or add or repair a garage!
5. The HomeStyle renovation mortgage can be used as a tool to refinance. Often times, this can be a better option to renovate a home than a variable rate home equity line of credit, or high interest credit cards.
There are so many advantages and features to using the HomeStyle Product, but we hope you enjoyed our top 5!