Low Down Payment Renovation Loans
Got big remodeling dreams but a small savings account? The FHA's 203(k) renovation financing program can bring your vision to life when you purchase a home or refinance your existing mortgage. Jump right into your renovations as soon as you close your 203(k) all-in-one loan.
Benefits for Homeowners
- Refinance into a lower rate mortgage and finance your remodel with a single loan
- *Borrow based on the projected value of your home giving you freedom to tackle the dream remodel.
- Minimum credit score is just 640.
- As little 2.5 percent equity to qualify.
Benefits for Homebuyers
- Realize immediate equity growth.
- Acquire a bargain property in need of a little TLC.
- Bid on short sales, foreclosures, and REOs.
- Get qualified to buy and renovate a home with just one loan.
- Low down payments.
- Sellers can pay for 6 percent of your closing costs.
- Renovation experts inspect and monitor the work.
Standard 203(k): Renovation Funding Solutions Buying a home that needs modernization? Making updates may be a great way to build home equity. Most lenders make you take out two loans to do that: A home purchase mortgage and a second, higher-interest, short-term loan to pay for upgrades.
The Standard 203(k) loan rolls those two loans into one. You pay one set of fees, get one competitive interest rate, and go to only one closing.
Streamlined 203(k) Renovation Loan: Use the 203(k) streamline loan for projects costing $35,000 or less. Homebuyers: Pay for repairs flagged by your home inspector or appraiser after close of escrow. Home sellers: Update your home to achieve optimal value when you're ready to sell. Homeowners: Make repairs or improvements.
Ready to learn more about how to use a cash-out refinance to pay for home renovation? Fill out the short application and a licensed and experienced Impac Mortgage loan officer will respond to you.
*Excel Mortgage Servicing, Inc. d/b/a Impac Mortgage, Corporate Office located at 19500 Jamboree Rd., Irvine, CA 92612, 800-597-4101. NMLS #128231, AL #MC20787; AK #AK128231 AZ #BK-0910550; California Licensed by the Department of Corporations, under the California Residential Mortgage Lending Act #4131083; Colorado Regulated by the Division of Real Estate; Georgia Residential Mortgage #23673; Illinois Residential Mortgage Licensee; Kansas Licensed Mortgage Company #NOT0025369; Mississippi Licensed by the Mississippi Department of Banking and Consumer Finance; Nevada 7251 West Lake Mead Blvd., Suite 300, c/o Suite 356 & 357, Las Vegas, NV 89128, 702-727-3140, and 10775 Double R Blvd., Suite 121, Reno, NV 89521-8972, 775-682-4385; OR #ML5014; Virginia Licensed by the Virginia State Corporation Commission #MC-5526; and WA #CL-128231. All applications are subject to underwriting guidelines and approval. Not all programs available in all areas. Other restrictions may apply. *The interest on the portion of credit that is greater than the fair market value is not tax deductible for Federal income tax purposes. The borrower should consult a tax adviser for further information regarding the deductibility of interest and charges. Registered trade and service marks / illustrations / designs are the property of Excel Mortgage Servicing, Inc. or Mortgage Success Source, LLC. Excel Mortgage Servicing, Inc. is an Equal Housing Lender. Also doing business in AR, CT, DC, FL, ID, IN, IA, KY, LA, MD, MI, MN, MT, NE, NC, ND, OK, OR, SC, SD, TN, TX, UT, WV, and WI.More Tips & Advice For Your Home
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