In a hot market, move-in ready homes often sell quickly and for more than asking price. A renovation loan can open up the market for you by allowing you to look at a wider range of properties, knowing you can make all repairs after closing on your loan.
A new kitchen, additional bedrooms or bathrooms, energy efficient improvements, or any other improvements are all possible with a renovation loan which refinances your mortgage and rolls all home improvements into one loan.
Anyone looking to buy with an FHA loan should consider the 203(k) loan. With the right improvements, you could greatly increase the value of your home to have enough equity to refinance in the future into a loan with no mortgage insurance.
Approved repairs/upgrades include but are not limited to: roofing, HVAC, electrical, plumbing, flooring, appliance replacement, basement finishing, decks, windows, doors, siding, septic, wells, and painting.
Approved work includes but is not limited to: major rehab, new construction/additions, structural repairs, landscaping, new septic & wells, and repairs lasting 3-6 months or preventing a buyer from living in the home.
Approved repairs/upgrades include but are not limited to: roofing, HVAC, electrical, plumbing, flooring, appliance replacement, basement finishing, decks, windows, doors, siding, septic, wells, and painting.
Approved work includes but is not limited to: major rehab, new construction/additions, structural repairs, landscaping, new septic & wells, and repairs lasting 3-6 months or preventing a buyer from living in the home.
a home that doesn’t meet the health and safety standards for an FHA loan
a property and bring it up to current standards
an existing loan and rehabilitate a property
a stick built home to move to a new foundation and renovate
a home for putting on the market