Thinking of Remodeling Your Home or Your Next Home?

Welcome back to my video blog! Today I have Tom Ross from Nova Home Loans with me to tell us about an exciting loan program going on right now.

Tell us about the FHA 203K Renovation Loan.

This is really a neat loan. Have you ever looked for a home, but didn’t find one you liked? With this loan you can purchase and/or renovate a home. The loan limit is up to $346,250. That means you could purchase a home for $250,000 and renovate it up to $100,000: add bedrooms, renovate bathrooms, kitchen, etc.

Are there any restrictions?

The home does have to be your primary residence.

FHA is also not big on pools, so you cannot use the money to add a pool. You must also not over-improve the home for the neighborhood.

What are interest rates at?

Interest rates are incredibly low right now. The regular loan rate is about 4.25 percent and the interest rate for the FHA 203K Loan is about 4.6 percent.

So if you have been thinking about buying a home, but haven’t found one you like, give Monique a call. Together the three of us can discuss your options.