Real Estate Market: Are Renovation Loans for You?

 

Finance home repairs and improvements as part of your mortgage.

Considering a foreclosure, short sale or fixer-upper property, but not sure how you can finance the repairs? The FHA 203(k) Streamline Loan, offered by Allen Tate Mortgage, allows qualified borrowers purchase a home that needs repairs, and finance the cost of those repairs through the mortgage.
  • Finance eligible repairs or renovations as part of the mortgage – up to $35,000.
  • Work must begin within 30 days of closing and be completed within 6 months.
  • Renovation funds are placed in escrow and contractors are paid as work is completed.
  • Eligible improvements include non-structural repairs and renovations including roofs, HVAC, plumbing, painting, appliances, decks, windows, doors, siding, ADA improvements and more.
  • Loan also available for home refinancing in conjunction with repairs/improvements.
  • Loan limits apply; minimum credit score of 640 and minimum down payment required.
Contact us today for more information or to get started on your loan.

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