Looking to purchase a home in need of renovations? Or maybe you’d like to buy land and build your dream home. Whichever it may be, we have a loan program for you!
The 203k loan is a specialized renovation or construction loan, backed by the Federal Housing Administration (FHA). It’s available to both buyers and refinancing households, and combines the traditional “home improvement” loan with a standard FHA mortgage, allowing homeowners to borrower renovation costs. In some cases, you can borrow extra funds to cover your rent or existing mortgage for up to six months so you don’t have to live in a construction zone.
There’s also the one-time close construction loan which is a single close financing option that allows a single loan to fund construction but then automatically switches to permanent financing. The benefits of a one-time close construction loan:
- May be able to obtain funding at a lower cost than the builder
- One closing means one set of settlement fees
- During the building period, you pay interest only
We have a multitude of financing options for your needs and interests! Call us today to see how we can help! (720) 881-2537