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Financing Options For Home Repairs – Written by Libby Wells Written by Libby Wells Arrow Right Contributing Writer Libby Wells covers banking and deposit products. He has over 30 years of experience as a writer and editor for newspapers, magazines and online publications. Libby Wells
Edited by Suzanne De Vita Edited by Suzanne De Vita Arrow The Right Mortgage Editor Suzanne De Vita is a mortgage editor focused on mortgage and real estate topics for home buyers, homeowners, investors and renters. Connect with Suzanne De Vita on LinkedIn LinkedIn Email Connect with Suzanne De Vita via Email
Financing Options For Home Repairs
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Which Home Improvements Could Add Value?
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Home Improvement & Renovation Loans
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Whether you want to renovate your kitchen, set up a home office, or finish your basement, any major home improvement will require some big bucks. However, you don’t have to wait until you have all the cash. A home renovation loan can be a way to get the project done sooner than you think.
A home renovation loan is a loan that includes funds for home repairs, remodeling, and renovations. This is often a mortgage with extra money for home improvements. This can be in the form of:
You don’t have to live at home already; Some home renovation loans can be used to purchase a fixer-upper and upgrade immediately without applying for separate financing.
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Most home renovation loans require the borrower to have a certain amount of equity in the home, although personal loans generally do not.
If you don’t have enough cash to finance repairs or renovations, a home renovation loan is worth considering. If you have your eye on a home that’s less demanding but needs serious work, it’s also worth pursuing.
These loans can be a big boost for homeowners or buyers who want more control over building equity in their property by making improvements — but they’re usually only underwritten for significant improvements, not work. If a project will improve the value of the property, a home remodeling loan can be a valuable tool.
“I would recommend taking out a renovation loan only if the cost of the renovations is less than the home’s current value,” says Greg Harris, president of LenderCity Home Loans in Chesterfield, Missouri. “Also important is that they will positively impact home value in the long run. So, things like bathrooms, kitchens and joints make the most sense.”
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Fannie Mae HomeStyle Renovation loans allow borrowers to either purchase a home in need of renovation or refinance their existing home loan and get money for the improvements.
One advantage of a home style loan is that it is just one loan with one monthly payment; You don’t need to take mortgage loan and other loans for home renovation. Taking out a loan reduces time and closing costs.
Loan proceeds go into a separate escrow account that is used to pay contractors. Borrowers don’t have access to those funds like they do with a home equity loan or cash-out refinance.
A Fannie Mae HomeStyle loan can be used to improve a vacation home or investment property, and any repairs or renovations are eligible for funding as long as they are permanently attached to the property and add value to it. is
Historic Home Renovations
In a competitive real estate market, a Fannie Mae HomeStyle Renovation loan may not be ideal if you want to secure a quick deal. These loans require some extra work before your loan is approved and you submit an offer on the home. For example, your contractor should establish a construction schedule and plan for your renovation. In addition, you must submit a property appraisal called a “full” appraisal.
Like the Fannie Mae HomeStyle Renovation Loan, an FHA 203(k) loan is a government loan that can fund the purchase and renovation of a home under a mortgage loan. There are two types of FHA 203(k) loans:
If the process of getting an FHA 203(k) loan seems overwhelming, rest easy knowing that a qualified 203(k) advisor will guide you every step of the way.
Also, should you begin remodeling the kitchen or another area of your home, the lender will require you to address all safety and health hazards such as lead-based paint, termites, and broken windows.
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FHA 203(k) loans have a long list of eligible improvements, such as replacing the roof, flooring and plumbing, eliminating safety and health hazards, and upgrading to accommodate a person with a disability. However, the loan cannot be used for luxury improvements, such as building a backyard swimming pool or hot tub, and the loan is only for primary homes, not second homes or vacation residences.
A home equity loan (HEL) is a fixed-rate, lump-sum loan that stays the same for the term of the loan. A home equity line of credit, or HELOC, has a credit limit and a revolving balance. This loan works for homeowners who have several large payments over time on a major home improvement project.
Typically, you get a lump sum payment with a home equity loan, while HELOCs have a draw period of five to 10 years.
With your home serving as collateral, you may only consider a HEL or HELOC if you expect to be able to comfortably repay the loan. Adding a home equity loan to your budget is usually easy because the interest rates are usually fixed with equal monthly payments. In contrast, HELOC loans typically have variable interest rates that can change from month to month.
Home Equity Loan Vs. Line Of Credit Vs. Home Improvement Loan
If you are borrowing against your home equity to renovate your home, you can do any project you want, but you should consider whether the project will increase the value of your home. For example, new garage doors and a remodeled kitchen are considered high-impact upgrades that can help you recoup your investment when you sell.
A cash-out refinance allows homeowners to refinance their home
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