A renovation loan provides homeowners with the funds they need to make necessary or desirable repairs or renovations to a home. If you live in a fixer-upper or plan to buy one, the FHA 203(k) loan may be the solution to your renovation price tag woes. This loan may make it easier and more affordable for you to renovate your space.
A cash-out refinance allows you to borrow against the equity you have in your home. When you refinance, you will get a new mortgage that replaces your existing one, while converting some of the equity to cash. The more equity you have built up, the more money you may be able to convert to cash.
An FHA 203(k) loan is insured by the government and provided by Hartford Funding. The borrower is responsible for paying the premiums for this insurance. It is specifically designed for 2 types of mortgage applicants. You can apply for this loan if you are looking to purchase a primary residence that is in need of repairs.
Alternatively, you can also apply for this loan if you are looking to refinance a primary residence that is in need of renovations.
Give us a call so we can learn a little bit about your renovation project. From there we can figure out the most cost-effective loan for you. The next steps will be getting your documents together so we can start processing the loan for you.
Take out cash today with a cash-out refinance