Home Renovation Loan

Have you ever looked at a home and thought how great it would be to finish the basement, remodel the kitchen or bathroom, or just update the windows and roof? What holds you back, money…right? Of course it does! How great would it be to just include all that fix up cost into your mortgage and have one low monthly payment?

It is the mission of our team to provide you mortgage services in Colorado that are geared towards one low monthly payment.

The Federal Housing Administration (FHA) has a loan program available to homeowners that wish to fix up and remodel their primary residence. This program is called a FHA 203K loan and it’s designed for homeowners who want to remodel their home and build equity. There is no second mortgage or Home Equity Line of Credit. You have one monthly payment at roughly the same interest rate as a normal FHA 30 year fixed rate. The size of the project can range from something as simple as replacing a furnace to something as large as remodeling an entire home! Here are some ideas of what can be done to a home through this program:

• New roof, windows, gutters, siding, insulation, & exterior paint
  
• Remodel kitchen, baths, light fixtures, appliances, interior paint
  
• Finish basement
  
• Additions & Garages Energy Efficient improvements

The FHA 203K loan is available not just for first time home buyers but anyone looking to finance a home as long as it’s a primary residence. Standard FHA guidelines apply the same as a normal FHA loan and this program can be used for Purchases and Refinances alike. Apply now.

• Loan-to-value is based on “As Completed” value for Purchase and Refinance Transactions.
• Cost of renovation is limited to 50% of the “As Completed” appraised value.
• An initial home inspection will be required by the renovation consultant to review your renovation ideas and determine what necessary repairs will be required.
• Conforming Loan Limits apply.
• Renovation Specialist to assist you.
• Gifts Allowed on Primary Residences.
  

For more information on the Homestyle Renovation Loan including Contractor Qualification, permitting, contractor agreements, appraisals and permitting please contact Popish Mortgage Group today. This is a great alternate to the FHA 203k home renovation loan, and we would love to see if it makes sense for your situation.

Call today to learn more about this amazing opportunity and how our greater Denver Mortgage services will help you and your family!