Sept. 8, 2023
In light of the high-interest rates and limited housing inventory, many homeowners have chosen to invest in upgrades and retain their properties. Here are some programs that may interest you:
Energy Efficient Mortgage: Enable to buy an energy-efficient home or refinance their existing property to incorporate energy-saving upgrades.
USDA Section 504 Home Repair Program: Financial assistance to homeowners with very low income, to repair, or update their homes. Additionally, grants are available to elderly and very low-income homeowners to eliminate health and safety hazards.
FHA’s streamlined 203K enables homebuyers to include up to $35,000 in their mortgage for repair.
FHA 203k Loan: Allows for combined loans that cover both the purchase of a home and the funds needed for home improvement. It is ideal for the purchase of homes that need major repairs.
Home Equity Line of Credit HELOC: This line of credit is secured by your home and offers you a revolving credit line to use for large expenses. This type of loan is typically interest only during the draw period.
Home Equity: Commonly referred to as a second mortgage, it provides a fixed interest rate.
Tile I Loans: are utilized for repairs and site improvements and can be combined with a 203K loan.
Disclaimer: I am not a lending entity. For comprehensive advice, please consult with a loan officer. The information provided here is for general knowledge purposes only and should not be considered professional advice. One Premier Homes Inc
professional advice. https://www.onepremierhomes.com/