Is your home considered a historic home? Or are you interested in purchasing a home that is considered to a historic home? Many people like to purchase and remodel historic homes for the vintage feel of the home. However, this can cost a pretty penny. There may also be some other red tape you have to cross. One of the positives is that there are some grants, loans, and even tax incentives that are available to restore historic homes. As with any program you have to apply for, some are more difficult to qualify for than others.
For the most part, historic home grants are usually not available to individual people, but rather nonprofit organizations or other types of groups. As an individual person, there may be some grants available from your county, state, or even national level. These grants are usually pretty competitive and require details from the homeowner as far as what they propose to get done.
Renovation loans are also available for historic homes, just like any other renovation. This loan may be part of your mortgage and backed by the federal government. This type of renovation loan is called a FHA 203k rehab loan – it is the most popular. Mortgage insurance is something you will have to have with this type of loan. However, you will be able to bundle everything together if you are purchasing the home for the first time. For example, you will be able to include both the cost of the home and the renovation into one loan. This will make it much easier and less confusing when it comes to the details and specifics of the loan.
Be sure to also take a look at any tax breaks you may be able to save on! There are quite a few tax break incentive options out there.
No matter which route you want to take, be sure you look into all options available and talk to someone qualified and knowledgeable about the subject matter. You would even recommend you speak to someone who has done it before so you can get an idea as to how the experience was for them.