Did you know that homeowners now have loan choices developed specifically to help them finance a home improvement project, whether it be repairs, updates, or improvements (including making a home more energy efficient due to rising energy costs)? In the past, financing options were limited, especially if the owner didn't have sufficient equity. Renovation loans give owners options when it comes to fixing a house that isn't perfect.
The Federal Housing Administration's (FHA) Streamlined (k) Limited Repair Program is one of the more popular renovation loans. It is generally used to update or improve a house or condominium needing essential repairs such as new wiring, plumbing and roof repair or replacement. The program is intended for uncomplicated rehabilitation or improvements to a home for which plans, consultants, and architects are not required. Homeowners can borrow up to $35,000. Other renovation loan programs offer higher loan limits, allowing owners to obtain more financing toward the refinancing and improvement of property. In addition to essential repairs, these loan programs sometimes can allow financing for luxury items such as swimming pools, hot tubs and sun rooms.
Contact me today to find out more.
Kimberly Daeger, Realtor
Service Excellence for Buyers and Sellers
Real Living Realty Services, Inc.
Cell: 937.545.6294
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