Do you love your neighborhood, cherish your connections with neighbors, or hold countless memories in your family home? Perhaps you’ve been house hunting but just can’t find the perfect fit within your budget. The solution may be closer than you think—right within your own walls. With a ReadyRenovate home loan, you can transform your existing space into the sanctuary you’ve always envisioned. Our dedicated team of experts offers a tailored approach to make your home renovation journey as seamless as possible. With our commitment to exceptional service and a comprehensive suite of renovation products and programs, we’re here to help you unlock the full potential of your home. Experience the joy of renovating with ReadyRenovate.
What is a Renovation Loan?
A renovation loan is a type of loan that allows borrowers to make renovations to their current or future home. With this powerful financial tool, you can take that outdated kitchen or worn-out bathroom and transform it into a space that reflects your personal style and enhances the value of your property.
Unlock the Potential of Your Home
Renovation loans can be taken out at the time of purchase or as part of a refinance of your current home. By leveraging these loans, you have the opportunity to make significant improvements that not only enhance your living space but also increase the equity in your home. Imagine the possibilities of transforming a house into your dream home, all while building equity along the way.
ReadyRenovate Programs
ReadyRenovate offers a wide range of renovation products and programs tailored to suit your unique needs. Each product is designed with your convenience and financial goals in mind. Let’s explore the four main products offered through ReadyRenovate:
1. HomeStyle Renovation
- What it is: HomeStyle Renovation allows you to finance both the purchase and the renovation of your home with a single loan.
- Eligibility: Available for primary residences, second homes, and investment properties.
- Terms and Conditions: Flexible credit requirements, down payment as low as 5%, and loan amounts up to $5 million.
- Key Features: Streamlined application process, funds disbursed in stages, ability to finance extensive renovations, and competitive interest rates.
- Comparison Chart: Check out our comparison chart to see how HomeStyle Renovation stacks up against our Choice Renovation product.
2. VA Renovation
- What it is: VA Renovation allows eligible veterans and active-duty military personnel to combine the purchase or refinance of a home with the cost of renovations.
- Eligibility: Exclusive to veterans, active-duty military personnel, and surviving spouses.
- Terms and Conditions: No down payment required, flexible credit requirements, and loan amounts up to $2 million.
- Key Features: One-time close construction loan, no monthly mortgage insurance premium, and the ability to finance major home improvements.
- Additional Information: Visit our “Utilizing the VA Renovation Loan” blog post for more information.
3. Choice Renovation
- What it is: Choice Renovation is a flexible product that allows you to finance both minor and major renovations on your existing home.
- Eligibility: Available for primary residences, second homes, and investment properties.
- Terms and Conditions: Flexible credit requirements, down payment as low as 3%, and loan amounts up to $5 million.
- Key Features: Quick and easy application process, funds available in as little as 10 days, and the ability to finance a range of renovation projects.
- Comparison Chart: Check out our comparison chart to see how Choice Renovation stacks up against our Homestyle renovation product.
4. HomeReady Program*
- What it is: The HomeReady Program is designed to make homeownership more accessible by offering low down payment options and flexible credit requirements.
- Eligibility: Available for low- to moderate-income individuals or families purchasing a primary residence.
- Terms and Conditions: Down payment as low as 3%, reduced mortgage insurance premiums, and loan amounts up to $548,250.
- Key Features: Competitive interest rates, affordable homeownership options, and the opportunity to finance minor renovations alongside the purchase of your home.
*May be combined with Homestyle Renovation.
5. FHA 203k
- You can combine the cost of the home with the non-structural renovation costs – up to $31,500 in renovations.
- Can be done as part of a purchase or refinance.
- Non-structural repairs include improvements/modernizations, elimination of health/safety standards, replace roofing, painting, and more.
Explore Alternative Renovation Options
In addition to our ReadyRenovate products, we understand that alternative renovation financing options may better suit your needs. If you’re looking for more information, we offer a range of other options, including:
- Cash-Out Refinance
- HELOC (Home Equity Line of Credit) (offered by our parent company, BankSouth)
- Personal Loans (offered by our parent company, BankSouth)
- Credit Cards (offered by our parent company, BankSouth)
Ready to turn your dreams into reality? Whether you’re purchasing a fixer-upper or want to renovate your current property, we’re here to help. Our team of experts will guide you through the application process, ensuring a seamless experience from start to finish.
Take the first step towards achieving your dream home today. To get started, contact us or visit a BankSouth Mortgage branch near you. Let’s make your home renovation journey an exciting and rewarding one!
At BankSouth Mortgage, we’re dedicated to providing you with exceptional service and expertise every step of the way. Let ReadyRenovate be your trusted partner in creating the home you’ve always envisioned.
* Disclaimer: Terms and conditions apply. All loans subject to credit approval. Rates, terms, and availability may vary. Please contact BankSouth Mortgage for more information.
BankSouth Mortgage Company, LLC, NMLS #690971 is not a bank or other depository institution and is not FDIC-insured.
BankSouth Mortgage Company, LLC is a wholly owned subsidiary of BankSouth, NMLS #688851, a federal savings bank and Member FDIC.
Alabama Consumer Credit License #MC 21415 DBA LoanSouth Mortgage.