Think, "More Freedom & Cashflow" with Another Story System...
You now have the ability to add an entire level to your home, investment property, combine into a fix and flip, or roll into an existing renovation to sky rocket your equity, without interrupting anyone's lifestyle... What is not to love?!
We focus on the real estate development and workforce development with our Award Winning, In House Design team for your benefit, and we're talking to both of you - Property Owners, & Contractors. We're the only outfit in the nation who have the patent and train contractors for the sake of Quality Assurance.
Talk with our team in the way that makes most sense for you. If you have a project, hit the red button, if you're looking for anything else, hit the blue button.
Traditionally, second-story additions are intense and disrupting projects: for both the builder and the homeowners. The disruption alone could be enough to deter a family from proceeding with an addition, but that’s AnotherStory’s entire selling point: a second story without disruption.
Retain open space
Improve curb appeal
Larger home @ lower tax base
More natural light
Increased energy efficiency
Increased value
No moving required
No short term renting
No disruption to commutes
Dustless renovation*
Privacy protected
Less risk to possessions
We build your second story without breaching the first
While you live uninterrupted and dust-free until stair installation
Stairs are installed and cleanup occurs at the end of the process
Home additions are an exciting venture, promising added space, functionality, and value to your property. However, the financial aspect of such projects can often be daunting. Enter Home Style Loans – a financing solution tailored for homeowners looking to renovate or expand. In this article, we'll delve deep into what Home Style Loans are, their benefits, and how they compare to other financing options.
Home Style Loans are a type of mortgage product offered to homeowners wishing to undertake renovation projects. Unlike traditional mortgages, these loans consider the anticipated value of the home after the renovation, allowing homeowners to borrow more than the current value of their property. This feature makes them particularly appealing for significant home addition projects where the post-renovation value is expected to see a substantial increase.
Considering a Home Style Loan for your renovation?
Let our team guide you through the process. Get a personalized quote tailored
to your project's specifics.
Benefits of the Home Style Loan:
Flexibility: Home Style Loans can be used for a wide range of renovation projects, from minor upgrades to major additions.
Increased Borrowing Potential: Since the loan considers the post-renovation value, homeowners can access more funds than with traditional loans.
One-time Close: Homeowners only need to close once, reducing paperwork and closing costs.
Considerations of the Home Style Loan:
Higher Interest Rates: Typically, Home Style Loans come with slightly higher interest rates than conventional mortgages.
Strict Requirements: The renovation plans must be approved, and funds are disbursed as the work progresses, requiring more oversight and documentation.
Both Home Style and 203k loans are designed for renovations, but there are key differences:
Loan Type: While Home Style Loans are offered by Fannie Mae, 203k loans are backed by the Federal Housing Administration (FHA).
Property Types: Home Style Loans are more flexible, accommodating both primary residences and investment properties. In contrast, 203k loans are primarily for primary residences.
Renovation Limits: 203k loans might have stricter limits on the types and extents of renovations allowed.
Not all lenders offer Home Style Loans. It's essential to research and find lenders familiar with this product. Consider:
Checking with Fannie Mae: They provide a list of approved lenders.
Local Banks and Credit Unions: Some local institutions might offer Home Style Loans.
Mortgage Brokers: They can connect homeowners with suitable lenders.
Credit Score: A minimum credit score, often around 620.
Down Payment: Typically, a 5% down payment is required.
Debt-to-Income Ratio: Lenders might have specific DTI requirements to ensure borrowers can manage the loan.
Renovation Plans: Detailed plans, including cost estimates, must be provided and approved.
Having detailed and professional designs is crucial for loan approval. Consider:
Hiring a Licensed Architect: They can provide detailed blueprints and renderings.
Consulting with Contractors: Some contractors offer design services or partnerships with architects.
Using Renovation Software: Some software solutions allow homeowners to create detailed renovation plans.
The approval process can vary, but typically it takes longer than a conventional loan – often 30 to 45 days. This extended period accounts for the additional scrutiny of renovation plans and cost estimates.
Interest rates for Home Style Loans can vary based on creditworthiness, loan duration, and market conditions.
Home Style Loans offer a compelling financing solution for homeowners looking to undertake significant renovation projects. By understanding the benefits, considerations, and intricacies of this loan type, homeowners can make informed decisions and bring their renovation dreams to life.
While Home Style Loans offer numerous advantages, like any financial product, there are potential pitfalls. This section can delve into common mistakes borrowers make and provide guidance on how to avoid them. Topics might include:
Overestimating the post-renovation value.
Not vetting contractors thoroughly.
Failing to account for potential overruns in renovation costs.
Not understanding the terms and conditions of the loan.
By highlighting these pitfalls and offering solutions, readers can feel more informed and prepared as they consider a Home Style Loan.
Nothing speaks louder than real-life success. This section can showcase a few brief case studies or testimonials from homeowners who successfully utilized Home Style Loans for their renovations. Each story can touch on:
The scope of the renovation.
The loan process experience.
The impact on the home's value.
Feedback on living in the renovated space.
By sharing these success stories, potential borrowers can visualize the potential outcomes of their own projects and feel more confident in the Home Style Loan as a viable financing option.
Navigating the process of securing a Home Style Loan can seem daunting, but being prepared is half the battle. To simplify the journey, we've compiled a comprehensive checklist of documents typically required by lenders. This list aims to help prospective borrowers organize their paperwork, ensuring a smoother application process and faster approval. By gathering these documents in advance, you'll be well-equipped to approach the Home Style Loan process with confidence and clarity.
Valid government-issued photo ID (e.g., driver's license, passport)
Social Security card or number
Recent pay stubs (last 30 days)
W-2 or 1099 forms from the past two years
Tax returns from the past two years
Proof of additional income sources (e.g., bonuses, alimony, rental income)
Bank statements (last 60 days)
Retirement account statements (e.g., 401(k), IRA)
Other investment account statements
Lenders will typically do this themselves, but be prepared for a credit check.
Don't navigate the Home Style Loan journey alone.
Our experts are here to help, ensuring you get the best terms for your dream renovation.
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In the first three weeks of being able to be in the added square footage, we were able to easily welcome out of town friends with 3 kids... Our kids have been able to retreat to their own spaces upstairs when they need some time away and read books together without having to be in the higher traffic areas of our home. We could not be more grateful for what the added space has added to our days as a family.
Birmingham, AL
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Bidding / Value Engineering
Week 12-18
Financing
Week 18-22
Construction Documents / Permitting
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Construction (Dustless)
Week 42-44
Week 45
Results will vary on a project by project basis. Some projects have been finished within 6 months, however all counties are different.
[This] team has more vision, imagination and problem solving ability than all five previous architects (combined) with whom we have done projects. Their design-build approach simplifies multiple meetings and miscommunications between a separate contractor and architect. The end result of our renovation is stunning.
Birmingham, AL
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