What is a Renovation and Construction Loan?
There are many loan programs that can help pay for home renovations. One of the programs we offer is the FHA 203k loans. If you have equity in your home, you can borrow against it for home improvement.
We also offer mortgage financing FHA 203k loans to fix up your home with one mortgage. Under this program, home buyers can get just one mortgage loan to finance both the purchase of the home and the renovation of the home.
FHA 203K Loans can be a great option for home buyers who can meet these requirements:
- Be able to prove that money was spent on renovating your home
- Prove a decent credit score (580 or above)
- List of need improvements (some are not eligible for financing such as swimming pools)
If you meet these requirements, you may be able to qualify for an FHA 203K Loan.
Why should you choose Mortgage Possible?
Our team offers a 24-hour loan center for future home owners who don’t have time to apply for a loan during regular business hours. We offer quick loan approvals and provide our clients with the best loan options for their needs and financial situations. Our team members are well-versed in renovation and construction loan rules and requirements and will ensure you are knowledgeable about our mortgage process prior to committing to a loan.
For any questions about the Renovation and Construction Loan process or any of our other home loan services, give our team at Mortgage Possible a call to speak to a local team member who can answer all your home loan questions. Contact Us Today!