Sometimes the home of your dreams doesn’t exist in a brand new or updated house. Instead, you might find that investing some sweat equity is the right choice for your vision. Whether it’s a complete remodel, or a small fixer-upper, a renovation loan can help.
A renovation loan, like our Dream Home Loan, provides a borrower with cash to pay for upgrades, home improvements, and other property repairs. These rehabilitation loans are available as FHA 203(k) loans or through the Urban Rehabilitation Homeownership Mortgage Program.
When You Should Consider a Renovation Loan:
- If you are a first time home buyer and need to find more affordable properties
- You are in the market for an older home in your desired location but the market is limited
- You are an investor interested in flipping houses
A renovation loan can provide you with the resources to add a new bathroom, remodel the kitchen, make repairs to the roof, install new flooring, and more. When applying for a renovation loan, the value of the repairs is taken into account before being approved.
If you think this might be a great option for you, contact a mortgage professional to evaluate the benefits as they relate to your individual situation and to help guide you through the process.