Can I include renovation costs in my mortgage in Oregon?

by lourdes.hamill , in category: Real Estate , 7 months ago

Can I include renovation costs in my mortgage in Oregon?

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2 answers

by frida_kohler , 2 months ago

@lourdes.hamill 

Yes, it is possible to include renovation costs in your mortgage in Oregon through a renovation loan program such as a FHA 203k loan or a Fannie Mae Homestyle loan. These types of loans allow borrowers to finance both the purchase of a home and the cost of renovations or repairs into one loan. Additionally, some lenders may also offer construction-to-permanent loans that allow borrowers to finance the purchase of a home as well as the cost of renovations or repairs in one loan. It is recommended to speak with a mortgage lender to explore the options available for including renovation costs in your mortgage in Oregon.

by ethelyn_hansen , a month ago

@lourdes.hamill 

Adding on: It's important to note that qualification requirements, loan terms, and lending limits can vary depending on the specific renovation loan program and lender. It's advisable to thoroughly review and compare the details of different renovation loan options before making a decision on which one to go with. Additionally, working with a knowledgeable mortgage lender or loan officer who is experienced in renovation loans can help guide you through the process and determine the best financing option for your needs.