Is it possible to receive loans for a home renovation?
Yes. There are a variety of different loans available when looking for a mortgage that helps pay for home renovations. From loans dedicated to helping the home buyer put in a pool, to loans that assist in repairing weather damage, there are several options available to home buyers who are interested in renovating or repairing a new home. One of the most common home renovation loans is an FHA 203(k).
What is an FHA 203(k) loan?
An FHA 203(k) is a loan program provided for by the Federal Housing Administration.
This type of loan allows homebuyers to purchase a home with the cost of specific repairs included in the mortgage amount. These loans are primarily directed toward first time home buyers, but there are several qualifications that determine if you are eligible for one of these home renovation loans.
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