3 Home-Renovation Loans Every Buyer Should Know About
Discover how renovation loans can help you transform "as-is" properties into your dream home.
Finding the perfect home can feel impossible, especially when most listings seem outdated or in poor condition. But renovation loans might be the solution you’ve been waiting for! These loans let you purchase a home in its current state and finance the upgrades you need - all within the same loan.
Here's how it works:
- Find a home and make an offer.
- Get a licensed contractor to submit a bid for renovations.
- The appraiser calculates the home's future value after the renovations.
- Close the loan and let the contractor do the work.
Renovation loans also open the door to buying "as-is" or cash-only properties that most buyers skip. Here are three popular loan types:
- FHA 203(k) Loan: Great for first-time buyers with a 3.5% down payment.
- VA Renovation Loan: Offers 100% financing for veterans and active-duty military.
- Conventional HomeStyle Loan: Perfect for both homeowners and investors.
While these loans require licensed contractors and may take a bit longer to process, the ability to build your dream home makes it all worthwhile.
If you’d like to learn more about turning a fixer-upper into your dream home, call or text 228-215-1861 today!
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