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Home Renovation Loans for City Renewal
As America’s housing stock ages, home buyers and homeowners are increasingly searching for financing to modernize their homes. Additionally, renovation of the existing housing stock is critical in central-city areas of San Antonio, where it can bring about neighborhood revitalization. U.U. Housing and Neighborhoods Acting Together, two local community development housing corporations, are working with Fannie Mae and Crossland Mortgage to make the HomeStyle® Investor Mortgage available to qualified borrowers. The HomeStyle® Investor Mortgage is designed for investors experienced in property renovation to purchase homes in need of repair. With this mortgage, investors can obtain a mortgage at owner-occupant interest rates. After the rehabilitation is complete, a buyer, who will be occupying the property, may assume this loan. According to Ortega-Geis, homeowners can also use HomeStyle®. With as little as five percent down, families can aquire funds for renovation. "Whether it's adding a bathroom, a new garage or updating the kitchen, families can now get a HomeStyle loan and make their dream renovations a reality," said Ortega-Geis. "If renovations are extensive, families can include the first six mortgage payments in their mortgage to cover the period of time from purchase until the property is occupied." To find out more about HomeStyle® Investor and other home improvement loans, please contact Fannie Mae’s San Antonio Partnership Office-299-1075. Community Lending Information Are You a Low- to Middle-Income Family or a First time Home Buyer? Fannie Mae's Community Home Buyer's ProgramSM - mortgages requiring less income to qualify and less cash for closing than traditional mortgages. Click here for more information. Local Program Information Homeownership Incentive Program - first-time home buyers can get a second mortgage from the San Antonio Development Agency (SADA) for up to $5,000 to use toward down payment and closing costs. You must meet income requirements. For more information, call SADA at 210-225-6833. District 9 Homeownership Incentive Program - buy in the District 9 subdivision and get an interest-free second mortgage from the San Antonio Development Agency (SADA) for up to $8,000 to use toward down payment and closing costs. You must be a first-time home buyer, have 3 percent of your own funds saved for a down payment, and meet income requirements. For more information, call SADA at 210-225-6833. Have Very Good Credit but No Saving for a Down Payment? Fannie Mae's Flexible 97® - a 30-year, fixed-rate mortgage that allows you to use personal savings; a gift from a family member; a loan secured by a marketable asset (such as a certificate of deposit, a 401(k), the cash value of your life insurance, or other real estate); or a loan or grant from a nonprofit or government agency for the 3 percent down payment. The Neighborhood Housing Services (NHS) NeighborWorks Program - buy a single- or two-family home and include money needed for repair or renovation in the loan amount. Call a loan officer at NHS at 210-533-6673 for more information. Want One Loan to Buy and Renovate a Home? If you need a low down payment (as low as 5 percent) and the home will be your primary residence: Fannie Mae's HomeStyle® Mortgages - borrow money in a single loan to buy and repair or renovate your home, based on what the property will be worth after the work is done. With the HomeStyle Community Mortgage 3/2 Option®, pay as little as 3 percent down and use a gift, a grant, or a government or nonprofit loan to pay the remaining 2 percent of your down payment. |
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June Kachtik - Executive Director of UU Housing Corp., Bob Reisen - Crossland Mortgage Texas Area Sales Manager, Aurora Ortega-Geis - Director of the San Antonio Partnership Office, and George Pedraza - Assistant to the City Manager