Am I qualified for a Renovation Loan?
Many households often times would like to do some renovations or home improvement to their homes. For this reason, First Savings Mortgage provides renovation loans to make those needed updates to homes.
Renovation loans, also known as rehab loans are very common loans to get for making updates to your home. This type of loan is an FHA 203(k) loan that allows potential homebuyers and homeowners the ability to finance the purchase of a new home and fun the renovation of the home all in one. These loans are also used to refinance the loan if you already own your home and just want to renovate.
There are many types of Renovation Loans you can utilize for getting these projects done. Whether you are looking for a refinance loan or obtain a home line of credit, you'll want to discuss the best one for you with one of our expert Loan Officers.
Qualifications for getting a Rehab Loan will depend on the following:
- Your credit score
- Your debt-to-income ratio
- The amount of funds you want to put down for a down payment.
Is a Renovation Loan right for me?
Oftentimes, renovations on homes can be quite costly. Going through your savings to fund these renovations can really go quickly. Renovation loans allow you to hold on to your savings so that you feel secure or are planning on using your savings to buy another home and have a good downpayment. The last situation you want to fall into is not being able to sell your home and you've already gone through all of your savings.
Rehab loans can really allow the peace of mind of keeping your savings while still being able to make updates on your home. Contact First Savings today to discuss your options for getting a Renovation Loan.