Home Improvement Mortgages
Home Improvement Loans or what some might call Renovation Loans are known by many names, including the FHA 203(k), HomeStyle, Jumbo Renovation, and our Design Plus loan. Whatever you call it, a Home Improvement Loan is designed to allow borrowers to purchase a home that needs repair, with a loan amount based on what the home will be worth once the renovation is complete. This is a great option for individuals considering the purchase of a foreclosure or an inexpensive home in need of renovation. It is also appropriate for current homeowners who wish to remodel.
Home Improvement Loan Facts:
Since the mortgage and construction loans are combined, loan closing costs are reduced compared to traditional lines of credit
Some Home Improvement Loans are backed by the Federal Housing Administration, which allows a borrower to obtain up to 110% of the home’s expected value with a low down payment and lower monthly payments than other options. Borrowers with lower credit scores may qualify for this type of Home Improvement Loan. Some Home Improvement Loans allow borrowers to make luxury improvements, such as adding a swimming pool. Some Home Improvement Loans are available for investors, while others require the home to be the borrower’s residence.
If you are interested in applying for a Home Improvement Loan, contact us at 314-878-7900. One of our loan officers will be happy to meet with you and guide you through every step of the process. We will also help you determine which type of Home Improvement Loan is right for you, based on your credit and your needs.
First Integrity Mortgage Services is located in St. Louis, Missouri. We are a premier provider of Mortgages and Home Loans in Missouri, Illinois, Kansas, and Arkansas. We work on behalf of our customers to help them qualify for the home loan they deserve!