Make Your Home Your Dream Home!

Whether remodeling or building your dream home from the ground up, we specialize in keeping families in their homes, school districts, friends and communities they love.

Is the HomeStyle® Renovation Loan Right For You?

HomeStyle® Renovation Mortgage Loan is less flexible then a 203K. You need Higher FICO Scores and Lower debt-to-income ratios.The HomeStyle® Renovation Mortgage enables a borrower to obtain a purchase mortgage or a remodel refinance mortgage and receive funds to cover the costs of repairs, remodeling, renovations or energy efficient improvements to the property.

With as little as a 10% equity you can add your taste & style to a house to make it your home with remodelling projects like a new kitchen, bathroom, room addition or energy efficient upgrades. HomeStyle® Renovation allows you to buy a home and fix it up, or refinance and remodel your current home.

Before

With The HomeStyle® Renovation Loan You Can: 

  • Purchase or refinance & remodel
  • 5% minimum down payment for primary, single-family residences (10% for second homes)
  • You can use gift funds for down payment & closing costs for owner occupied, primary residences after you contribute a minimum 3% down payment
  • 3% seller contribution allowed
  • Allowable improvements can include landscaping, appliances, remodel swimming pools and more
  • Cosmetic and structural renovations allowed

Do you want more information?

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After

Don’t know if the HomeStyle Renovation Loan is right for you?

What is a HomeStyle® Renovation Loan?

The HomeStyle® Renovation Mortgage permits borrowers to include financing for home improvements in a purchase or refinance transaction of an existing home.

HomeStyle® Renovation is a financing option offered through Fannie Mae.

According to Fannie Mae:
The HomeStyle® Renovation Mortgage enables a borrower to obtain a purchase transaction mortgage or a limited cash-out refinance mortgage and receive funds to cover the costs of repairs, remodelling, renovations or energy efficient improvements to the property.

There are no required improvements or restrictions on the types of repairs allowed but there is a $5,000 minimum dollar amount for the repairs. Repairs or improvements, however, must be permanently affixed to the real property and add value to the property.

When HomeStyle® Renovation is used for energy-related improvements, borrowers are required to obtain an energy report to identify recommended energy improvements to the property and the estimated cost savings associated with those improvements.

Essentially, HomeStyl®e Renovation is a solution to the current problem in housing that home buyers often see: finding houses that aren’t yet “home:’You can buy a house with potential and turn it into your home with your style, without breaking the bank. With a minimum of 5% down you can finance the purchase and remodelling of your dream home.

HomeStyle® Highlights

With as little as a 5% down payment you can add your taste & style to a house to make it your home with remodeling projects like a new kitchen, bathroom, room addition or energy efficient upgrades. HomeStyle® Renovation allows you to buy a home and fix It up, or refinance and remodel your current home.

• Purchase or refinance & remodel
• 5% minimum down payment for primary, single-family residences (10% for second homes)
• You can use gift funds for down payment & closing costs for owner occupied, primary residences after you contribute a minimum 3% down payment
• 3% seller contribution allowed (owner occupied)
• Allowable improvements can include landscaping, appliances, rehab of swimming pools and more
• Cosmetic and structural renovations allowed
HomeStyle® Benefits
• Cost – effective way to renovate or improve a home
• Single mortgage means lower closing costs and typically a lower interest rate on a first mortgage
• Borrowers can qualify for ClTV of up to 95% loan to value
• loan amount based on a “as-completed” value of the home or the cost basis (purchase money loans), whichever is less
• Your family is growing and you need more room
• You get to stay in school districts you love
• You can add a 2nd story, which would increase your home’s value
• You get to keep your neighbors
• You can update your kitchen or bath

Carl and his team are great; we’ve purchased a home and refinanced through him and each transaction went smoothly and closed on time. My only regret is that we didn’t obtain our loan with Carl for our first home!

-Stephanie R., March 25, 2018, , Yelp.com

We worked with Carl and his team at Benchmark in purchasing our first home. They were very accommodating. They helped settle our fears and anxieties on our first mortgage. Very professional.

– Leland F., February 20, 2018, Yelp.com

The whole team at Benchmark kept us informed at each step of the process, answering any questions we had along the way. Thank you to the entire Benchmark Mortgage staff. We love our new home.

 

– Kenneth F., March 2, 2018

Have Questions?  Talk to Carl Now!

About Carl


Hello, my name is Carl Spiteri. Thank you for coming to my website. If you’re here, you’re looking for answers to a question. A financial question? An economic question?  I strongly believe that financial literacy paves the way to financial success. Let me help you on that road.

I have been answering questions about commercial and residential lending, credit scoring, budgeting and all things money since 1991. I have faced the same issues, the same goals and the same dreams. I analyze families’ financial situations to give them the best possible guidance.

I am an adjunct professor at Woodbury University, teaching architects about project finance. I also teach the course “Basics of Lending” for the California Association of Realtors. I broadened my own education and experience in credit and debt management so I could show you all the financial options available, from the garden variety to the out of the box choices. I figure out what makes sense financially for you and aim to explain it in the simplest and clearest terms.

My passion for financial literacy was an outlet in the non-profit partnership with Herocare, an organization committed to educating and supporting community heroes across the nation.

I know what you’re going through because I’ve been there myself. I love numbers and financial data. Let me finesse your own to fit your life.

Dream. Plan. Achieve.

Carl Spiteri | NMLS #286890
6333 Greenwich Drive, Suite 205
San Diego, CA 92122
Phone: 619.544.6444

Carl.Spiteri@Benchmark.us

Benchmark Mortgage DBA Ark-La-Tex Financial Services, LLC NMLS# 2143