Finance the cost of fixing up your home into your mortgage with a Renovation Loan.

Southern Trust offers several renovation loans designed to cover the property along with minor or major repairs. Each has their own distinct advantages. Make sure to speak with a Southern Trust Loan Officer in your area to see all of your options.

Types of Renovation Loans

FHA 203k Streamlined

FHA 203k Streamlined loans are used when you want to make minor cosmetic changes to a house. The total rehab cost cannot exceed $35,000

FHA 203k Streamlined

FHA 203k Streamlined loans allow you to make substantial structural improvements, repairs, remodeling, and updating to a house, or even build a new one.

VA Renovation Loan

VA Renovation Loans allow Veterans to include minor renovation costs in the loan amount of a house for purchase, or for repairs being done to an existing home with equity.

Details about FHA 203k Streamlined Loans

A Streamlined 203(k) allows minimum or limited repairs to be done…basically “cosmetic” repairs, improvements or updates. It also eliminates most of the paperwork required from a full 203(k) and simplifies the process to obtain rehab funds.

  • Under the Streamlined program, there is a minimum of $5,000 and a maximum of $35,000 to be financed into the mortgage amount to improve or upgrade the home.
  • No “structural repairs” are allowed under a Streamlined K, however, making or correcting any structural items is not considered to be minor.
  • The minimum of $5,000 of required and substantial improvements that will increase the marketability and value of the home must first be included. Any repairs and improvements must comply with HUD’s Minimum Property Standards and must meet all local building, zoning and other codes.

Make sure to contact a Southern Trust Loan Officer for more details.

Details about FHA 203k Standard Loans

If you have a larger project that needs a full gut job or additional rooms, the Standard FHA 203(k) is the right program. This is what we refer to as the “full blown K”. Under this section of the program, much more extensive repairs or remodeling can be accomplished.

  • The full K allows you to make “structural” changes to enlarge a house, build a new home on an existing foundation and even take an existing house and move it.
  • Unlike the Streamlined K, where the improvements are “cosmetic”, under the full blown K, the repairs or improvements can be and usually are “substantial”.

Think of it as a mini-construction loan program where your contractor can ask for as many as 5 draws, and each draw request will need to have an inspector come out to make sure the work has been completed for that draw request prior to any monies being paid. Because it is more involved than a standard loan, there are more costs involved. Make sure to contact a Southern Trust Loan Officer for more details.

Details about VA Renovation Loans

Do you have a home in need of minor repairs, but don’t have the cash available? The VA Renovation Program could be your solution. It’s designed to help the men and women who serve our country repair or upgrade their home with the low rates VA lending programs offer. It also allows you to make sure you are maximizing your options without having your credit run by several lenders.

Features of VA Renovation Loans
  • Up to $35,000 in renovation costs
  • No minimum repair amount
  • Includes minor and non-structural repairs
  • Accessibility upgrades
  • Flexible delivery channels
  • For Purchase or Refinance properties
  • Cosmetic repairs allowed
  • No consultant required

Make sure to contact a Southern Trust Loan Officer for more details.

Why trust Southern Trust with your home financing?

Founded in 1998, Southern Trust Mortgage is a full-service mortgage lender. We offer diverse mortgage products designed to meet any home financing need. Our continued success is a result of the outstanding customer service we offer our clients and business partners. All of our loans are expedited through local processing, underwriting, and closing agents. Our industry-leading service truly sets Southern Trust Mortgage apart.

In business since 1998

Very competitive interest rates

Over 65,000 loans closed

In-house underwriting, processing and funding

Licensed and experienced mortgage loan officers.

Focused on developing relationships and trust.