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Low Interest Home Improvement Loans
Do you have some home improvement plans to ensure that your home meets all your needs? Then, don’t worry because home improvement loans like the 203K loan are here at your rescue.
If your kitchen has some outdated appliances that do not serve any purpose in today’s modern world or you need to change your spare bedroom to accommodate your twins, you need to invest in some serious renovation plans. If you are still unaware of what the 203k Home Improvement loan is, then you have come to the right place. Read on to find out more.
What is a Home Improvement 203K Loan?
An FHA 203k loan will assist you in borrowing money not only for home improvement but also for home purchase all through one single loan.
Have you ever seen a home for around $100,000 in a beautiful neighborhood? But the problem is that the interior needed upgrades?
That is exactly where the FHA 203k loan comes of help. Therefore, it is easily one of the best home improvement loans you can apply for.
What are the benefits of the 203k loan?
Being a home renovation loan, the 203k loan has quite a handsome list of benefits which are as follows;
- Low Interest Rates – One of the major benefits of the 203k loan is access to lower rates of interest. Other loans that are usually available in the commercial marketplace cannot provide with low-interest rates as the 203k loan.
- Save Money – If you do not take a loan and purchase and renovate a home from your savings, there will be nothing left for your future. But taking the 203k loan will prevent such a situation.
- Access to Great Deals – You will qualify for several properties under this loan which you wouldn’t have otherwise. Thus, you will get the houses at a lower rate than what it usually is in the marketplace.
- Lower Down Payment – With the FHA loan, you only need to make a down payment of 3.5% of the total value including the repairing or renovating costs.
- Lower Credit Scores – Even if you have a credit score as low as 580, you will be eligible for the 203k loan. In some cases, 620-640 credit score is required but even then, it is quite less than what is usually required in the market.
- Future Appraised Value Based Loan Amount – Your loan amount will depend on the lesser of these two – 110% of the future value of your home or the price of your home in addition to the repair costs.
- Zero Down Payment on 203k Loan Refinance – If you are opting for a 203k loan refinance, then you need not make any down payment.
What are the repairs that you can do with 203k streamline loan?
Several types of renovation and repair are allowed under this loan and some of them are listed below;
- Bathroom and kitchen remodeling
- Flooring, painting and making renovations for protecting your house against the weather
- Energy-efficient improvements
- Buying new appliances
- Repair or add patios and porches
- Basement waterproofing
- Accessibility improvements
- Improvements for safety
- Door and window replacements
What are the works that you can do with the 203k standard loan?
With this loan, apart from adding luxury amenities, you can do almost anything like;
- Structural alterations
- Addition of rooms to the house
- Relocate the house to a different site
Why is Tom Smith the best loan expert when it comes to 203k loans?
Tom Smith is renowned as the best expert for home improvement 203K loans. He has immense experience in this field and he has helped several people get their loans approved. If you choose him as your loan expert, here are some of the benefits that you will get;
- Practical Advice – Tom will efficiently navigate through your renovation process and give you the most practical advice regarding your loan.
- In-Depth Knowledge – Being in the mortgage industry for over a span of 32 years, Tom is aware of all the aspects and even the minute details related to the 203k loan.
- A Proactive Approach – Tom will handle everything related to your home renovation loan with utmost care and attention.
- Lowest Interest Rates – With 203K Loan Lenders, you will get the lowest rates of interest in the entire US when it comes to a 203k loan.
So, if you are looking for an experienced and efficient loan expert for your 203k loan, contact Tom Smith today.