The days are getting longer, the temperature is getting warmer, and school is winding down…summer is on its way! This means backyard cookouts, pool parties, and lots of fun in the sun. Talk to your borrowers about how the HomeStyle® Renovation mortgage from Fannie Mae can help them transform their homes and make this the best summer yet!
The HomeStyle® program is available for both purchases and refinancing, and finances both the cost of the home and the cost of renovations into one low rate, first mortgage loan. Not exclusively for owner occupied properties, your clients can take advantage of this exciting and flexible product for vacation homes and investments as well.
Room for Guests
Need space for those summer houseguests? Or just a little more room to spread out? A HomeStyle® renovation loan can be used to finance an addition, or even turning unfinished space such as a basement, attic, or room over the garage into usable living space. It’s also an option to build additional structures such as a pool house or guest house as long as they are attached to the main home.
Summer is all about spending time outdoors. Turn your backyard into an oasis, perfect for spending time with family and friends. Add a deck or patio, or even install a swimming pool. What about when the crowd gets hungry? The addition of an outdoor kitchen means you can whip up a meal without retreating indoors. Time for something sweet? Roast some marshmallows over the firepit to make s’mores, the official dessert of summer.
Improved landscaping tends to be one of the most cost effective ways to add value to a home, often offering an excellent return on investment when compared to other home renovation projects. Mature plantings can make a big difference in the appearance of a home. Homeowners can focus on making a big impact with lots of flowering trees and bushes, or on selecting low maintenance options that are native to the area and don’t require a great deal of water.
Hardscaping features can be financed through HomeStyle® as well, such as retaining walls, walkways, and stonework.
When the temperatures rise keeping the cool air in and the hot air out isn’t just a matter of comfort. Doing so efficiently helps save money on electric bills and minimize our carbon footprint. Funds borrowed via a HomeStyle® Renovation loan can be used to improve the energy efficiency of a home. This could mean new windows and doors that reduce the amount of heat gained in the hotter months, improved insulation, energy-efficient air conditioning systems, ceiling fans, or even sources of alternative energy such as solar or geothermal technology.
The Perfect Retreat
While the summer season is a wonderful time to entertain family and friends, head out on adventures, and fill kids’ days with fun during their break from school, it’s also the ideal time to take a few moments to rest and recharge. Many homeowners focus their improvements on the social areas of their homes such as the kitchen, guest rooms, and outdoor spaces, but they’d be well advised to not overlook the rooms that are theirs, namely the master bedroom and bath.
Whether a small renovation of a fresh coat of a paint and new flooring, or something more substantial such as enlarging the space, installing a garden tub, and constructing a dream closet, it can turn a part of the house that was once just for sleeping and storing clothing into a place to relax and enjoy some precious downtime.
Get more information on renovation loans and the Fannie Mae HomeStyle® program online at https://www.afrwholesale.com/resources/program-fact-sheets/
Photography by [Artazum] © shutterstock.com
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