The Lowdown on Renovation loans...
Our Renovation loans Rates Are Low & Our Process Quick & Painless
An FHA Renovation loans is a loan backed by the federal government and given to buyers who want to buy a damaged or older home and do repairs on it. Here’s how it works: Let’s say you want to buy a home that needs a brand-new bathroom and kitchen. An FHA 203K lender would then give you the money to buy (or refinance) the house plus the money to do the necessary renovations to the kitchen and bathroom.
Often the loan will also include: 1) an up to 20% contingency reserve so that you will have the funds to complete the remodel in the event it ends up costing more than the estimates suggested and/or 2) a provision that gives you up to about six months of mortgage payments so you can live elsewhere while you’re remodeling, but still pay the mortgage payments on the new home.
We’re here to make the 203K home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE Renovation loans Qualifier.
We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you whether you’re a first-time home buyer or a seasoned investor.
The Renovation loans Process
Here’s how our home loan process works:
- Complete our simple Renovation loans Qualifier
- Receive options based on your unique criteria and scenario
- Compare mortgage interest rates and terms
- Choose the offer that best fits your needs
Why a Renovation loans?
The main benefit of these loans is that they give you the ability to buy a home in need of repairs that you might not otherwise have been able to afford to buy. Plus, the down payment requirements are minimal, and often you get decent interest rates.
- Fixed Rates
- Adjustable Rate Mortgage (ARM)
- Minimal Down Payments
- Terms from 5 to 30 Years