/These Three Mortgages Help Pay for Home Renovations

These Three Mortgages Help Pay for Home Renovations

Need to renovate your home? From fixing a leaky roof to stripping carpets, home repair can be a daunting task—and an expensive one at that.
But there are plenty of mortgages out there that can help pay for your home renovations. Bankrate recently picked out the best three:

Fannie Mae’s HomeStyle Loan

One of the best-known loans for home improvements, Fannie Mae’s HomeStyle Renovation loan allows borrowers to either purchase a place that needs some repairs or refinance their home with a new mortgage to fund improvements.
The HomeStyle loan is available from any Fannie Mae-approved lender, but there are minimum requirements to qualify. For a primary residence, you have to have a minimum credit score of 620. (You can check your credit score for free with myBankrate to see if you fit this criteria.) You’ll also have to put down at least five percent of the purchase price of the home.