The front of your home is the first thing a buyer looks for when considering a purchase. If you don’t plan on selling, that same area will be the first thing you see when you come home. In either case, a renovation loan can help you ensure that the space is as beautiful and inviting as possible.

There are two financing options to consider: FHA 203(k) renovation loans or a Fannie Mae HomeStyle® renovation loan. You’ll want to choose a program that gives you the freedom to make the changes you want, whether that’s new siding, an upgraded driveway or an improved porch. Each of these improvements can make a big difference in the look and feel of your home.

Your home renovation loan options

Renovating the front of your home begins with knowing what your loan options are. Here is a quick rundown of the four programs available.

Fannie Mae HomeStyle®: These are conventional loans backed by private lenders. This loan is technically capped at 80% of your finished home’s value and can be used to fund “luxury” changes to your home. In addition, you can use a HomeStyle® loan to renovate your primary residence, second home or investment property.

FHA 203(k) limited: Backed by the Federal Housing Administration (FHA) and caps its funding at $35,000. This loan will help fund repairs, fixes and cosmetic changes. These are changes that can be made while you’re still living at home.

FHA 203(k) standard: This FHA renovation loan funds major renovations or structural changes that cost at least $5,000. However, the cap can vary depending on county laws. You can replace, construct or demolish different parts of your home with this loan option.

Improvement projects for the front of your house

Change your exterior

Choosing one of the available renovation loan options above will cover improvements that can upgrade the exterior of your home, even if you want to focus solely on the front of your house. Adding a new coat of paint, for example, may be the change your home needs. You could even contrast the colors on the front of your home with its other sides – creating a sort of accent wall.

The addition of new siding or a brick façade could also provide that new look. These options are covered by both FHA 203(k) and HomeStyle® loans. Which loan you choose would depend on the current state of your exterior as well as your goals for the finished project.

Your car’s welcome mat

Your driveway is the red carpet that invites you home after a long day or a short trip. After a while, however, that path may crack, become marred with potholes or simply show wear and tear after years of use.

A renovation loan can help you not only fund repairs to your driveway but add landscaping features or even improve your garage entrance. The streamlined lending process can get you started sooner than you think.

Do more with a new porch

Building a porch, or upgrading your existing one, could be a significant improvement to the look of your house. This is especially true if your existing space needs some TLC.

Something as simple as a porch deck or a small water feature (like a fountain) can add some style to your home appearance.

A renovation loan provides a great way to fund home improvement projects that increase your curb appeal. With competitive rates and on-time funding, now is the time to learn more! Contact me today to get started!

Related Articles