A renovation loan is a mortgage that allows you to buy or refinance a home that needs work and roll the renovation costs into the loan amount. A renovation loan gives homebuyers and homeowners the funds to make necessary or desirable renovations to a home or access the credit to make those changes.
Renovation loans come in various packages, including simple personal loans or government-sponsored loans to get the job done. Depending on your credit score, location, and scope of work, different renovation loan options are available.
Waymaker Mortgage offers several loan options available for financing your home remodeling project, including:
With these loans, you can borrow up to 96.5% of the appraised value – based on the home’s value when the improvements or repairs are completed – to purchase (or refinance) a home and complete the work.
The program offers no money down financing that covers the current value of the property, plus the cost of remodeling and repairs. It is typically intended for minor home projects, with no minimum or maximum renovation cost requirement.
With a Homestyle Renovation mortgage, you can purchase a house, fix it up, or refinance your existing mortgage and receive funds to pay for the repairs, remodeling, renovations, or energy-efficient improvements.
Great for borrowers in rural areas, this loan combines your home purchase and renovations into one mortgage, with up to 100% financing on the “As-Improved” value. This provides you with more options and allows you to purchase a home you love, even if it needs some work.
Borrowing money to renovate your home with a project that will reduce your long-term costs or increase your property’s value could be a smart move. Some renovation projects can increase your property’s value by a greater amount than what you spend on renovations. Such remodeling projects, like attic insulation, basements, bathrooms, and kitchens, count as valuable repairs that could certainly improve the value of your home.
A renovation loan could also be the right choice if the project will save you money in the long run or make your home a safer place, like roof repairs, new siding, or updated windows to keep your home weatherproof and energy-efficient.
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The name "Waymaker Mortgage" is no longer associated with either of these organizations.
Waymaker Mortgage Company LLC - NMLS 2440476, is licensed under the laws of the State of Texas and by state law is subject to regulatory oversight by the Texas Department of Banking - Division of Savings and Mortgage Lending. Texas Mortgage Banker Disclosure – Figure: 7 TAC 81.200(c) “CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.”
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It is the policy of our company to respond to customer complaints, disputes and issues immediately, to take each complaint seriously, to investigate each complaint however small it is – immediately and to take remedial actions swiftly. As soon as a complaint is received, it is documented and is logged into a special log. The complaint is sent directly to the Customer Complaint Officer or his/her designate, in order to take action. All complaints and records of complaints are kept in a special complaints binder along with all the Customer Complaint Officer's Quality Control Files and other written policies so employees can easily access them and use them to provide better customer service. Reports on complaints are reviewed during the Customer Complaint Officer's meetings with our Board. We are focused on providing financial products and services to all customers in compliance with all Federal and State regulatory policies including but not limited to consumer protection, fair lending and civil rights laws.
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