Special offer

Renovation Lending

By
Mortgage and Lending with First Priority Financial

Are you looking to purchase a foreclosure or fixer property?  Or are you looking to remodel your current home?  Money has gotten very tight as sources for Home Equity Loans have dried up and construction loans are hard to find and/or qualify for.

FHA has just increased the loans limits on their 203K Renovation/Rehab loan to match the new FHA loan limits.  What this means is that there is an available source of funds for renovating a property.  The renovations can include kitchen and bath remodels, adding additional rooms to the home or making your home more energy efficient. 

If purchasing a foreclosure or fixer property, the purchase loan also includes the funds to renovate the property.  In fact, this loan will lend as much as 110% of the after repair/renovation value and can even include 6 months of mortgage payments if the house can not be lived in while the remodel is in progress.  The loan only requires a 5% downpayment, but must be owner occuped, but does allow the buyer to qualify with a non-occupant co-borrower.

This is a great option for those looking to purchase a home and remodel is into the house of their dreams or for homeowners looking to turn their current home into the home of their dreams.

Contact Charity for more details.  (925) 373-3222