Home Renovation Loans

Loans put renovations within reachThe ebb and flow of the housing market over the past few years may have led us into uncharted waters, but one result has been a wave of people considering home renovation projects. Some homeowners that we at Palmer Custom Builders work with are in need of a change but have opted against selling, instead choosing to renovate their homes to improve their comfort and safety while protecting their longstanding investment. Others who are in the market for a home are eyeing existing home deals, hoping that updates will boost the value of their bargain while making it a more enjoyable place to live. We’ve helped many such homeowners renovate poorly functioning kitchens and baths, finish un- or under-utilized space to create beautiful living areas, bring safety issues up to code, and make much-needed repairs. Yet we’ve also heard of many people in both situations who are mistakenly crestfallen when they hear rumors about other homeowners who are unable to secure renovation loans.

The truth is that whether your project is large or small, renovation loans are still available for qualified buyers and homeowners, but finding the right renovation loan package is more important than ever.

Jack Snypes, a Renovation Specialist for Wells Fargo Home Mortgage in Charlotte, N.C., said there’s always a need for basic home improvements because of the aging U.S. housing stock. “And, when it comes to purchasing a home, renovation loans give buyers options when considering houses that aren’t perfect, ” he said. “At an average age of more than 35 years, the nation’s housing stock is in need of improvements and repair, so there is demand for mortgage products that address the needs of buyers who are looking at homes that need TLC.”

To make it easier for lenders to offer renovation loans, the federal government has several programs they can turn to. (Talk with your lender to see if your home qualifies for these or other renovation loan programs.) The Federal Housing Administration’s (FHA) Streamlined 203(k) is one of the more popular renovation loan programs. It permits homebuyers to finance as much as an additional $35, 000 into their mortgage to improve or upgrade a home before they move in. Renovation loans are generally used to update or improve a house or condominium needing essential repairs, such as new wiring or plumbing, weatherization, lead-based paint stabilization or abatement, roof replacement, kitchen and bath renovation or space reconfiguring, or interior upfits.

Other renovation programs like the Fannie Mae HomeStyle® Renovation Mortgage offer higher loan limits for more extensive projects. The HomeStyle Renovation Mortgage allows borrowers to finance improvements of up to 50% of the as-completed value of the home with a first mortgage, while offering lower rates than second mortgages, home equity lines, or credit card debt. Another plus is that this loan allows homeowners to finance “luxury” items, such as swimming pools, major additions, sun rooms and outdoor living spaces.


2011-10-23 08:17:17 by SCCyclist

Point #1...sorry about the spelling my friend...I'm just a backwoods suthin boy with very little education but I love Jesus with all my heart and soul and I hope u know him as well! :)
point #2... I'm a Licensed Contractor and I encourage my customers to do anything and everything they can themselves during a renovation IF they choose to do so in an effort to save them money and so they will actually enjoy the end result as them having the opportunity to participate in it's completion...just gives them a warm fuzzy feeling knowing they helped and I get to enjoy the company of some wonderful people

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