Home renovation loans are offered by various financial institutions as well as the government. They provide financial assistance to individuals seeking money for fixing, repairing and improving homes. Two main types of home renovation loans are the Federal Housing Administration's Section 203k mortgage and the Fannie Mae Homestyle. Does this Spark an idea?
Purpose
Home improvement loans can help replace roof, windows and gutters. You can expand or add bathrooms, bedrooms and kitchens. They can also be used for landscaping improvements, including decks and patios, hot tubs and pools.
Rehab Loan/Purchase Renovation Loan
A rehab loan/purchase renovation loan is a type of loan ideal for individuals who want the renovation work to start right after purchasing a house.
Refinancing Renovation Loan
A refinancing renovation loan is ideal for individuals who already own the house they wish to renovate.
FHA 203k
The 203k is one of the loan programs by the government, which provides mortgage credit to borrowers interested in repairing or modernizing a house. This program is best suited for individuals who do not ordinarily qualify for conventional loans because of limited income.
Fannie Mae Homestyle
Fannie Mae Homestyle lets you make all the improvements just with one loan. It requires verifiable income and a good credit history.
Tags: Fannie Homestyle, ideal individuals, loan ideal, loan ideal individuals
