Several types of FHA 203K Loans are available
- Loans assumable to a qualified buyer with no money down.
- 30-year or 15-year fixed rates
- The borrower may finance up to six months of mortgage payments, or the property may be purchased, refinanced, and improved with one combined loan.
- 1-year ARM
FHA 203K Renovation Loan, a Construction Loan, and/or Equity Loan or Line of Credit. These types of loans cover repairs or remodels of kitchens, bathrooms, plumbing, septic, additions, pop tops, or site improvement.
FHA 203K Loans Conventional Renovation Loans, and Jumbo Renovation Loans offer many options. The FHA 203K Loan is available to borrowers of all income levels.
Eligible borrowers for FHA 203K Loans:
- owner occupants and
- nonprofit organizations
- single-family dwellings
- mixed-use storefronts
- 1-4 Unit buildings/homes.
Conventional Renovation Loans allow investors and second-home owners to obtain Renovation Loans for greater amounts than the FHA 203K Loans.
To inquire about suitable Colorado home mortgages and home renovation loan products contact Taylor Mortgage Group LLC at (303) 339-5950 or Janie Taylor directly at (303) 884-9393.
Major remodeling can be achieved through a Construction Loan. This loan is perfect for additions or adding pools or tennis courts. The Construction Loan is beneficial for many reasons. Up to 100 percent of the loan-to-cost ratio can be considered. The loans can be designed to pay house payments during the remodeling job. Available as full documentation loans. We offer several options and creativity on structuring these loans!
Equity Loan or Line of Credit
A homeowner can also utilize an Line of Credit or Equity Loan to finance home remodeling, new additions, and landscaping projects. Homeowners can apply for 90 percent of the value of their homes. This option works for those with very good credit. Some specific remodel loans which improve the home’s value are released in draws to pay for materials and/or contractors. Most are built with variable rates.