The FHA 203K Loan is designed to help communities and neighborhoods maintain vitality. These renovation loans follow standard FHA guidelines, although upfront mortgage insurance is not required. This program offers borrowers flexible credit-qualifying terms with low down payments of 3.5 percent.
can be obtained by Colorado home owners to repair a home, fix up a
home, or remodel. Creative financing is available through the
FHA 203K Renovation Loan, a Construction Loan, and/or Equity Loan or Line of Credit. These types of loans cover anything from paint to
carpet, new kitchens and bathrooms to site improvement, septic, plumbing
and energy conservation improvements to new additions and pop tops.
Several types of 203K Loans are available: 30-year or 15-year fixed rates, one-year ARMS, and loans assumable to a qualified buyer with no money down. The borrower may finance up to six months of mortgage payments, or the property may be purchased, refinanced, and improved with one combined loan.
FHA 203K Loans, Conventional Renovation Loans, and Jumbo Renovation Loans offer many options. The FHA 203K Loan is available to borrowers of all income levels. Eligible borrowers include owner occupants and nonprofit organizations purchasing or refinancing specific Colorado real estate. Eligible properties include single-family dwellings, condominiums, townhouses, mixed-use storefronts, and 1-4 Unit buildings/homes. Investors are excluded. However, Conventional Renovation Loans allow investors and second-home owners to obtain Renovation Loans for greater amounts than the FHA allows.
To inquire about suitable Colorado home mortgages and home renovation loan products, call Taylor Mortgage Group LLC at (303) 339-5950 or (303) 884-9393.
Major remodeling can be achieved through a Construction Loan. This loan is perfect for additions or adding pools or tennis courts. The Construction Loan is beneficial for many reasons. Up to 100 percent of the loan-to-cost ratio can be considered. The loans can be designed to pay house payments during the remodeling job. Available as full documentation loans. We offer several options and creativity on structuring these loans!
Equity Loan or Line of Credit
A homeowner can also utilize an Line of Credit or Equity Loan to finance home remodeling, new additions, and landscaping projects. Homeowners can apply for 90 percent of the value of their homes. This option works for those with very good credit. Some specific remodel loans which improve the home’s value are released in draws to pay for materials and/or contractors. Most are built with variable rates.
Renovation Loans Available for Colorado Homeowners and Homebuyers
Posted in: Renovation Loans
By Taylor Mortgage Group
By Taylor Mortgage Group