Can’t Get Away? Renovate with Ameris Bank Mortgage Solutions
We have all had to spend extra time in our homes this year. However, new low interest rates may be able to help you create a “getaway” at home. Whether it’s a relaxing spa bathroom or the new swimming pool you have been pining for, low interest rates provide lower overall financing costs for your project. Depending on your financial needs, Ameris Bank has an array of loan programs.
If you want to renovate your current home:
- Home Equity Line of Credit (HELOC) – A HELOC is a revolving line of credit you can access based on the equity you have in your home. HELOCs typically offer fewer fees than a cash out refinance and the interest rates are cheaper than those of credit cards. Similar to a credit card, you only pay interest on the amount of credit you use. HELOCs are an ideal option for those who want a lower cost method to access extra funds for projects without altering their current mortgage payment and terms. For more information, click here.
- Cash Out Refinance – A cash out refinance allows you to pull a lump sum of cash from the available equity in your home while renegotiating the rate and terms of your current mortgage. This may be a good option if you want one fixed monthly mortgage expense that can be spread out over a longer period.
If you want to purchase a fixer-upper and finance the cost of renovation into the purchase loan:
- FHA Streamlined 203(k) – This loan program allows homebuyers to finance up to an additional $35,000 into their mortgage or upgrade their home before moving in. The FHA Streamlined 203(k) also offers quick and easy accessibility cash to fund your home repairs and improvements. Standard FHA loan limits and guidelines apply.
- Fannie Mae Homestyle® Renovation Loan – This loan allows structural and non-structural improvements starting with as little as 3% down. If you are eligible, you can receive financing up to 75% of the as-completed appraised value of the property. The Homestyle® Renovation Loan even allows you to finance up to six months of mortgage payments to cover non-occupancy costs during construction. FannieMae income limits apply to this loan.
- Ameris Portfolio Renovation Loan – For maximum flexibility, the Ameris Bank Portfolio Renovation Loan allows for structural repairs, cosmetic improvements and additions with no limit on income and a $1.5 million maximum loan amount. Down payments start as low as 10% for conforming loans and 20% for jumbo loans. Repairs and construction must be completed within 12 months.
For more information regarding your renovation or remodeling needs, contact an Ameris Bank mortgage banker.
By: Marlene Sheard
Marlene is a mortgage marketing representative for Ameris Bank and previous sales and marketing president for her local Home Builders Association. She enjoys sharing her experiences for the buying, selling, and financing of homes.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All loans subject to credit approval. This document is not a complete description of all eligibility requirements. Additional program restrictions may apply.