Capture more renovation business with Plaza

Today’s housing market is dominated by existing home sales, and many of those homes are over 25 years old*. This means many of your borrowers could benefit from a loan program that combines both the purchase or refinance of an existing home and the renovation, so it can truly become the home of their dreams.

Plaza Home Mortgage® has just what they're looking for. Plaza is again accepting the popular Fannie Mae® HomeStyle® and Freddie Mac CHOICERenovation® renovation loan programs. These programs make financing a home’s renovation simple by allowing borrowers to combine the cost of renovations with their purchase or refi into a single loan, saving everyone both time and money.

HomeStyle and CHOICERenovation Programs Allow:

  • Up to 97% LTV of the “as-completed” value
  • 85% LTV on 1-unit investment properties; 90% on 1-unit second homes
  • Modernizing kitchens and baths, or performing deferred maintenance
  • Luxury improvements, like adding a swimming pool or outdoor living area
  • Many more renovation options

But that's not all. Plaza also accepts FHA 203(k) renovation loans. So when you think Renovation lending, think Plaza.

And whether it’s your first renovation loan or you’ve been doing them for years, our dedicated Renovation Division makes it easy. From reviewing your loan submission, to helping with contractors and project planning, we’re here to make you a renovation loan pro.

Contact your Plaza Account Executive to see how we can help you capture more business with these renovation programs.

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*Source: https://www.nar.realtor/research-and-statistics/quick-real-estate-statistics#:~:text=5.34%20million%20existing%20homes%20were,to%20the%20U.S.%20Census%20Bureau