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A 203k or renovation loan might be exactly what you need and are looking for, even if you don't realize it yet. The 203k loan was designed for people who want to purchase houses that are in need of major renovations. Still, renovation loans are much more than that! If you would like to speak with a professional about renovation loans in Weld County, contact us today.
What Can a Renovation Loan Be Used for
Renovation loans can be used for a wide variety of rehabilitation projects, such as kitchen remodeling, bathroom remodeling, room additions, flooring, roofing, and even air conditioning installation. And this is by no means an exhaustive list either! All of these rehabilitations - and many others - can be funded with a renovation loan, which can cover the cost of the property and the cost of home repairs.
Further, a renovation loan doesn't have to be a huge sum of money. Renovation loans can be as low as $5,000. You'll be able to take a home that has potential, fix it up, and make it the home of your dreams with 203k loan from Adams Property Consultants. You'll be pleased to learn that we offer many products for minor and major home improvements. Our goal is to make it as easy as possible for our clients to improve their properties affordably. We include the extra financing for the purchase or refinance loan.
FHA 203k Limited & FHA 203k Standard Loans
The FHA 203k Standard was designed to provide home buyers with limited disposable cash an ability to afford both the home purchase and the home repairs that are needed to fix the place up. The benefits of the FHA 203k Standard Loan is a low down payment and the ability of the seller to pay closing costs.
The FHA 203k Limited is designed for minor non-structural improvements, and these loans may not exceed $35,000.
The Fannie Mae Homestyle Renovation Loan
This loan program is designed to help borrowers of a purchase or refinance to avoid seeking a second mortgage to renovate their homes. The Fannie Mae Homestyle Renovation Loan is available to both home buyers and real estate investors alike. This loan option is available for investment properties and second homes, making it wildly popular. Another upside with this loan is that you can probably eliminate mortgage insurance.
The Renovation Program was designed to make it easy for people to improve their properties by including additional financing in either a purchase or refinancing loan. Homeowners whose homes require big improvements can also refinance with these loans.
Who are These Loans Ideal for?
Several kinds of people would consider themselves "ideal" candidates for these loans. For example, first-time homebuyers, low-to-moderate income households, people with limited cash, and individuals with minor credit problems could be ideal candidates for these loans.
If you would like to apply for renovation loans in Weld County, contact Adams Property Consultants today.Renovation Loans Weld County