Home improvement projects can make or break the look and feel of your bedroom and in turn, your entire home. Take a look at the three project ideas below and see how our team can help you achieve a new bedroom look!
- Improved lighting
- Updated flooring
- Added doorways
Let’s go through how you can approach these bedroom renovations and look into a great option to help you fund them without dipping into your savings or running up credit card debt.
A Fannie Mae (FNMA) HomeStyle® renovation loan (or rehab loan) provides the cash you need to cover the cost of luxury renovations as well as any severe structural changes to your bedroom or home in general. FNMA HomeStyle® also allows homebuyers to purchase a home while also funding improvements, all with one loan.
If you’re already a homeowner, you can get the funding you need for the changes you want without waiting to save for them.
There are many uses for an FNMA HomeStyle® loan, but while kitchen renovations and remodeled bathrooms get the spotlight, don’t forget that your bedroom is also a top priority!
What is a FNMA HomeStyle® loan?
Homestyle® is a loan program from the Federal National Mortgage Association (FNMA), commonly called Fannie Mae, and allows borrowers to fund home renovation projects. Fannie Mae is a government-sponsored enterprise (GSA). They are not direct lenders, but instead they buy loans from lenders and hold that debt. This process helps private lenders remain liquid so they can continue to make loans to other homeowners and buyers.
With an FNMA HomeStyle®, you can fund high-end amenities and improvements not allowable with other rehab loan programs.
Unlike many other lenders, Homebridge offers the max amount of 95% of your finished home’s value – which is different from the home’s current value. This means that if your home is worth $250,000 now, but improvement will bump it up to $300,000, you can borrow up to 95% on $300,000 before the project has even begun.
Upgrade your bedroom lighting with FNMA Homestyle®
Lighting in a bedroom has to be versatile because your bedroom has so many uses. You may want to sleep in on a lazy Saturday morning, read a book, get ready for bed or simply relax for the day. You want to have the proper lighting for all of these needs.
Consider installing recessed lighting to give your room lots of soft or indirect light. Though more common for living rooms, they can also give your bedroom a more modern look. Recessed lighting also has the advantage of providing the illusion of higher ceilings.
Maybe you want to switch up lighting sources to match your mood. Instead of replacing your current lighting, you can add wall sconces. These come in a wide range of styles, and you can ask your contractor to add an additional light switch to turn these on when you want more light or different lighting.
Use an FNMA homestyle® loan to add features to your bedroom
If you want more out of your bedroom, think about adding a luxury feature to enhance the use of your space and its feel.
A fireplace is a fantastic addition that can add passive entertainment and a calming effect to your bedroom. Though the size of this construction project can seem big, it is really up to what you and your contractor decide. You can add a large piece that will need an exhaust system created for it, or you can install a digital fireplace that gives you the look you want without the heat. Take a look at this great list of 20 bedroom fireplace ideas from hgTV.
For those of us who need a cup of coffee to get ready for the day, the addition of a coffee bar to your bedroom could be a game-changer. Like a fireplace, your coffee bar can be as elaborate or as simple as you want.
A small countertop can be just what you need. However, you can also choose a more elaborate setup and install a sink and some small cabinetry to hold your favorite coffee and tea flavors. You can even add a mini-fridge to hold creamers.
Adding a bedroom doorway with a view
For bedrooms with a view, you can make the most of it by converting a window into a door with glass paneling. The door can lead to your yard if you’re on the first floor of your home or, if you’re higher up, you can have it lead to a small Juliet balcony. The added glass can let in more natural light, which is always a good thing, and ground floor rooms get a private entrance directly into their bedroom.
Adding additions like a small balcony can be just the thing to turn your bedroom into the one you’ve always wanted – a place you look forward to spending time in. That’s the goal with any home renovation and an FNMA Homestyle® loan gives you a chance to make it possible with funding that matches your style to your budgetary goals.
As a Mortgage Loan Originator in one of the nation’s top renovation lenders, I can deliver the funding to make those improvements a reality.
Contact me today to begin planning for your home renovations!