Renovate or Build

The Great Debate: Building New or Renovating?

We know your dream home is out there – sometimes it just takes a little bit of TLC or imagination to bring it to life.

At Waterstone Mortgage, we have several loan programs that will allow you to build your new home from the ground up. You can also make modifications to your existing home. Our streamlined loan process allows you to focus on the excitement of building or renovating your home.

I want to renovate a home I’m interested in purchasing. Can I add renovation costs to my mortgage?

Yes! If you’ve found your dream home, but there are a few changes you would like to make (like updating the kitchen appliances or adding another bathroom), a renovation loan may be the right fit for you. Our renovation loan programs – such as the FHA 203(k) loan – provide financing (or refinancing) for a new home plus the cost of eligible repairs, additions, or reconstruction. These loans are perfect for financing major fixer-uppers or homes that need just a little extra work.

I want to build my home from scratch. Is there a loan option for brand new homes?

Building a home is a great option for those who have a distinct vision of their dream house, but can’t find an existing home that fits. Our Single Loan Close Construction Program provides one loan to cover construction costs and your mortgage. We’ve streamlined the process to make your life a little easier (you can thank us later) – one loan, one closing, one easy process to build your dream home.

All loan requests are subject to credit approval as well as specific loan program requirements and guidelines. With Adjustable Rate Mortgage loans, the rate is variable and may increase or decrease every year after the initial fixed rate period based on changes to an index. This could result in an increase in the monthly payment.