Can I get a loan to renovate and update my house?
Yes, there called 203(k) renovation loans, and a qualified lender can lend you extra money to fix up your house. The renovation loan is great for buyers who want to buy a house or owns a house that needs work but don’t want to use their savings and credit cards to fix it up. Consider some of these items around your house that needs work that would qualify for a 203(k) loan:
- Replace carpet, floor tile, or renovate hardwood floors
- Remodel bathrooms or kitchens and update appliances
- Upgrade roof and gutters to prevent water damage inside your house
- Update plumbing and electrical systems
- Update to efficient water heater or furnace to save money
- New paint inside and outside
- Update to double pane thermal windows to save energy
- Finish basement for extra living space
If you’re curious about getting a 203(k) renovation loan to fix or improve your house, contact your local lender!