Financing
Are you looking to remodel your existing home or perhaps looking to purchase a fixer upper but are concerned that you might not have the money needed to make you dream home come to life? If so, we can help you secure the loan that is right for you. We work with experienced and qualified lenders who can work to get you the money needed for your project. Our clients are surprised to see how much they can borrow and how low the payments are!
Scroll down to see the different types of loans that are available.
Financing Steps
Step 1
Work with our design team to determine the scope of the project
Step 2
Obtain pre-approval from one of the lenders we work with
Step 3
Discuss project details and determine the exact scope of your project and the costs associated with it
Step 4
Close on your loan and let the transformation begin!
Loans for Existing Homes
Home Equity loans are one of the most common ways for consumers to borrow money for large home improvement projects. These types of loans typically require that you have at least 20% equity in your home already. Banks will typically let you borrow against the equity you have in your home at a significantly lower interest rate than if you used a credit card to finance the project costs. Another option would be to refinance your existing loan and do a “cash out refi”. This loan will let you refinance your existing loan for more than you currently owe and cash out the extra money at closing. An example would be if you had a home worth 300k and owed 100k on it. You could refinance your loan for 150k, and take 50k cash out at closing. Your would now owe 150k on your house, but you would have 50k to spend on anything you need for the remodel.
With the dramatic increase in home values that occurred in 2016, many people who already owned a home, gained instant equity in their house. The best part about this is that they probably now have more than 20% equity in their home and likely quality for a home equity loan or cash our refi!
Let us get you in touch with one of our lenders and have them get your prequalified today!
Loans for a 'Fixer Upper'
Not Enough Affordable Homes!
It’s a common problem voiced by many first time home buyers. There just aren’t very many entry-level homes that are move-in-ready. Most of them require a lot of work and that is something that most first time home buyers are not prepared to do themselves.
One option that many are looking at these days are “fixer-uppers.” The idea of buying a home that needs to be completely remodeled has become more popular due to the many TV shows based around this idea. You buy a diamond in the rough and let an expert show you how beautiful it can be.
Most people are not aware of the fact that there are specific types of mortgages that can help you purchase this type of home and that it provides the money needed to have it remodeled by a professional like us.
The three major types of remodeling loans are the FHA 203(k) loan, insured by the Federal Housing Administration, the HomeStyle loan, guaranteed by Fannie Mae and the CHOICERenovation loan, guaranteed by Freddie Mac. All three cover most home improvements, whether major or minor.
Our team can help you find a home that has the potential to become your dream home!
