Are you heading in the right direction?
Arizona Mortgage Banker #BK 15047
NMLS # 143636
Rehabilitation money at your fingertips
Have you found a great deal on a house that needs a little TLC? Have you found a foreclosure property that you can get for pennies on the dollar but needs some repair? Maybe you already own a home but would like a new kitchen or roof. Our renovation loans provide the money to both purchase or refinance the home and finance the home’s renovation. With one loan, there is only one application, one set of fees, one closing and one monthly payment. At closing, the house is paid for, and the repair money is put into a special account for disbursement as repairs are completed. Improvements can include anything that adds value to the home, such as a room addition, new carpeting, landscaping, plumbing, roofing or a new kitchen. The loan can also be used for energy-efficiency improvements that qualify for tax credits.
Another great advantage of a renovation loan is that it provides borrowers a loan based on the increased property value after renovation. But that’s not the only financial upside. The required down payment on a renovation loan can be as low as 3.5%. As a tax deductible first mortgage, the renovation loan will usually feature a lower interest rate than a second mortgage and improvement costs can be spread over the term of the loan. This can prove a bargain because many buyers finance improvements with more expensive consumer credit. Also, the loan can provide financing for up to six months of mortgage payments if the house is not occupied during construction.
FHA 203(k) - FHA Loan Arizona | Hilton Loans
