HomeStyle Renovation Loan Program By Guild Mortgage
Guild Mortgage Company
Guild Mortgage Hawaii has done it again!! We are continuously looking for ways to provide first time homebuyers, repeat homebuyers and current homeowners with more options to purchase their dream home or refinance to accomplish other projects. The HomeStyle Renovation mortgage is a convenient and economical way Guild Mortgage can help homeowners achieve their dreams.
Purchasing a home in need of moderate repair or planning a remodel of your existing home can be overwhelming. But securing financing to tackle these projects doesn’t have to be a daunting task. The HomeStyle Renovation loan program is designed for people considering moderate home improvements so they can make repairs and renovations with a single-close first mortgage, rather than a second mortgage, home equity line of credit, or other, more costly methods of financing. This enables borrowers to purchase a home that needs repairs, or refinance the mortgage on their existing home and include the necessary funds for renovation in the loan balance. The loan amount is based on the “as-completed” value of the home rather than the present value. Renovation costs are limited to 50% of the “as completed” appraised value of the home.
Some details of the loan program include:
• Only 5% down on primary residences
• Only 15% down on 2 unit properties
• Only 25% on 3-4 unit properties
• Only 10% down on second homes
• Only 20% down on Investment Purchase
• Loan amounts up to $721,050
• No self-help or borrower acting as general contractor allowed.
• If repairs will be below $35,000, a licensed contractor can prepare the work proposal and cost estimate before the appraisal is done.
• If the repairs will be in excess of $35,000, we will need to have a home consultant prepare the work proposal and cost estimate before the appraisal is done. The consultant will then inspect the completed renovation work and can approve up to five draws during the renovation phase.
Guild Mortgage Hawaii offers a traditional range of residential mortgage products and funds most of its loans, which provides consistency and helps speed approvals.
We specialize in residential lending and our Guild Mortgage Hawaii loan professionals are experts who can provide the latest loan options that nonspecialists might not be aware of an advantage we have as an independent mortgage banker.
A key to our success has been how well our loan professionals connect with borrowers in the communities we serve. Guild Mortgage Hawaii is dedicated to being involved in our communities by supporting numerous local groups including Shiners Hospital, Hawaii Firefighters Association, Women in Need, Domestic Violence, Hotel Industry, Castle Medical Center and Windward Boys and Girls Club, to name a few.
From local processing, local underwriting and local funding, we work hard to build a positive service culture at Guild Mortgage Hawaii. We value our clients like ohana and want to create a feeling of friendliness and trust when you choose to work with any of our loan professionals. We focus on each client’s needs and treat people with respect. Our goal at the end of every loan process is to have a satisfied client and create a relationship that will last forever!!
We embody the “Yes We Can” attitude and culture. With every loan process and even with the most complicated loan situations, we work as a team to figure out how we can best serve our clients. We work closely with our Realtor and title/escrow partners to do everything we can to make your homeownership dreams come true.
For more information, please contact any Guild Mortgage Branch
Honolulu Branch: 808-744-6420
Kailua Branch: 808-263-4622
Waikele Branch: 808-369-7153
Maui Branch: 808-214-9070
Hilo Branch: 808-933-1095