Home Renovation Loans

Home Renovation Loans

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Home Renovation Loans can be obtained by Colorado home owners to repair, remodel, or renovate their properties.

Several types of FHA 203K Loans are available

  • Loans assumable to a qualified buyer with no money down.
  • 15-year or 30-year fixed rates
  • The borrower may finance up to six months of mortgage payments, or the property may be purchased, refinanced, and improved with one combined loan.
  • 1-year ARM

FHA 203K Renovation Loan, a Construction Loan, and/or Equity Loan or Line of Credit. These types of loans cover repairs or remodels of kitchens, bathrooms, plumbing, septic, additions, pop tops, or site improvement.

The FHA 203K Loan is designed to help communities and neighborhoods maintain vitality.  These renovation loans follow standard FHA guidelines and upfront mortgage insurance is not required.  This program offers borrowers flexible credit-qualifying terms with low down payments of 3.5 percent.

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 for FHA 203K Loans:

  • owner occupants and
  • nonprofit organizations

Eligible properties for FHA 203K Loans:

  • single-family dwellings
  • condominiums
  • townhouses
  • mixed-use storefronts
  • 1-4 Unit buildings/homes.

(Investors are excluded for FHA 203K loans)

Conventional Renovation Loans allow investors and second-home owners to obtain Renovation Loans for greater amounts than the FHA 203K Loans.

Construction Loans

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.

 

Need information about Home Renovation Loans? Taylor Mortgage Group is a mortgage broker that offers a variety of loan products and rates with some of the largest and best investors. A pre-approval process can be helpful in structuring your final goal. One of the most important steps in purchasing a real estate is to be pre-qualified. An accurate credit report is a useful tool in assessing your lending options. Call: Taylor Mortgage Group at 303-339-5950 or Janie Taylor directly at (303) 884-9393.

 

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