When renovating your home you may want to have options for lender financing. Farmington ct fha lender financing is a way to remodel your home right away. It is a big step for you and your family so you must ensure you have the budget to perform the work.
As an approved FHA 203k contractor, we have worked with plenty of homes to get financing for the projects that they love. But before we explain how you can get lender financing, you may want to see our project portfolio to see the larger homes we have worked on in Connecticut.
WHAT IS A 203K LOAN?
The FHA 203k loan is a renovation or construction loan, that is backed by the Federal Housing Administration. Both buyers and refinancing customers can combine the traditional “home improvement” loan with a standard FHA mortgage, which allows the homeowners to borrow their renovation costs.
A Limited 203k Loan Requirements
The program has some different types of loan requirements. Furthermore, if you’re interested in getting your home in a makeover, here is what you must do to qualify for a 203k loan:
• A Minimum Borrowed of $5,000 for repairs
• A Maximum Borrowed of $35,000 for repairs- (this ends up to be around 30k for the renovation- for most lenders)
• There is a Limited On Some Types Of Repairs. (structural)
• A HUD Consultant Is Not Required But We Recommend It
IN CONCLUSION
Getting your home remodeled is a homeowners dream. Your homes market value goes up, your more satisfied with a home that is freshly remodeled. You can even view a testimonial of our kitchen remodeling work by clicking here.
If you’re ready to transform your home in Farmington, start by contacting us today. We will schedule a time to provide you with an estimate and get started on your project asap.
We’re a family based business providing ethical services in the Farmington area.
