Financing the Costs of Home Improvements
With 203K FHA Loans and Homestyle Renovation Mortgages you can finance the cost of your home as well as some repairs. In other words, you don’t have to take out a separate loan for your desired home improvements and you don’t have to rely on more costly HELOCs or second mortgages. There programs can be great options for buying fixer-uppers and first homes and refinancing to make home improvements. Talk to one of our knowledgeable loan officers today for details and a no obligation rate quote.
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Why Consider a Home Improvement Loan?
Finance the Costs of Home Improvements
FHA 203K loans and Homestyle Renovation mortgages can be used to make many types of improvements to residential properties. Borrowers may be able to finance up to $35,000 (203K) to make these non-structural improvements.
No Need for a Second Mortgage
Avoid the higher interest rates from fixed rate second mortgages and home equity lines of credit. With a 203K loan or Homestyle renovation loan you only have one loan at an agreed upon fixed or adjustable rate.
Save Over the Long Term
The loans can be used to make many upgrades, such as making homes more energy efficient, which may lead to long term savings.
Seller Closing Cost Assistance
Worried about closing costs? With our home renovation loans, you may be able to ask a seller for a percentage of seller paid closing cost assistance.