Did you know that there are renovation loans available out there? This type of loan can help you renovate your home – whether you currently own the home or will be purchasing a home that will need some renovations. The opportunities are endless! It includes all kinds of common repairs and remodels! This includes: doors, windows, patios, patio additions, room additions, plumbing, HVAC, electrical, landscaping, fences, driveways, roofs, gutters, etc. There are so many options.
If you are thinking of renovating your current home or thinking of purchasing a home that needs remodeling, we would be happy to help you go over your options. As always, there are many and we would love to not only education, but work with you.
There are a couple of common renovation loans. The first is a FHA 203(k) loan. This type of loan will help you purchase not only the mortgage on the home, but also repairs. The home would need to be your primary residence. The Standard FHA 203(k) loan will help with any repairs with a minimum cost of $5,000. The Streamline FHA 203(k) will help finance not only minor repairs, but also renovations in the amount of up to $35,000. The FNMA HomeStyle loan is more flexible with the stipulations. This type of loan helps you purchase and renovate any type of home (primary residence, secondary residence, or even investment property) with a minimum down payment of 5%. The lending limit will vary.
As you can see, there are many options available. You do not have to worry about finding the absolute perfect home with these many remodel loan options out there!