As home buying season revs up, first time home buyers are starting the exciting and nerve-wracking process of searching for their first place. Part of that process includes finding the best first time home loans that meet every newbie need, which can get pretty stressful. But many are discovering what’s called a HomeStyle Loan – and they’re loving it.
One of the greatest aspects of buying a home for the first time is having the ability to really make it your own, from something as little as choosing window treatments to more major renovations that are often done in kitchens and bathrooms. When you rent, there’s a “what you see is what you get” mentality, and many don’t find satisfaction in their surroundings when it doesn’t reflect their personalities.
Yet it gets difficult, and expensive, to not only get approved for a mortgage, but to be immediately approved for an additional line of credit to start on renovations. That’s why the HomeStyle Loan tops our list of best first time home loans. And you can even apply for a loan online!
So what is a HomeStyle Loan? It’s a loan that not only covers the cost of your new home, but it also provides additional funds to make immediate renovations based on the post-renovation appraisal of the home.
In a nutshell, it works like this:
— You want to purchase a home for $200,000
— You want to spend $25,000 on home improvements
— Renovation plans and chosen contractors are approved by the lender
— You get a loan for $225,000 with one single interest rate
— The renovations increase the value of your home, immediately giving you equity in your purchase
The renovations can start as soon as you are approved and provided the funds. If you want to do the renovations yourself, that’s okay, too! These loans are pretty flexible, and all the details can be worked out with your lender during the approval process.
Don’t wait any longer to create the home of your dreams. It’s now easier than ever to begin – simply apply for a loan online today and start dreaming big!
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