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Your Guide to 203K & Renovation Loan Options in Metro Atlanta
Whether you call it a Home Improvement Loan, Construction Loan, a Renovation Loan or a Rehab Loan ~ If you're anywhere in the Metro Atlanta area...
Chances are, you're talking about a 203K Renovation Loan, (203k FHA Loan) A VA Renovation Loan or a FNMA Homestyle Loan.
Below, we'll discuss, not only the most experienced places to get a 203k or other renovation loan but we'll give you a warning as well!
What is a 203K Rehab Loan or a VA Renovation Loan?
Simply put, an FHA 203k, FNMA Homestyle or VA Renovation loan allows home buyers to finance home improvement funds into their mortgage to renovate or upgrade their home.
With these loan options, home buyers can quickly tap into cash to pay for property repairs or improvements.
So, whether it's basic upgrades or turning your home into your dream home. Make your home your own by taking advantage of one of these renovation loan programs.
Renovations can include updates on appliances, painting, kitchen and/or bathroom remodels, energy-efficient improvements, plumbing, roof repairs and much more!
Renovation Loan Programs Include...
FHA 203K & FHA 203K Limited
* Repairs-structural or cosmetic allowed
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Up to 110% of appraised value
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Owner occupied, primary residence only
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Up to 6 months mortgage payments rolled into loan
VA Renovation Loan
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100% Financing allowed
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No consultant required
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Owner occupied, primary residence only
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Maximum renovation total 35K
Homestyle Renovation Loan
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Purchase or Refinance SFR, PUD, 2-4 unit and condos
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Primary, second home or investment properties
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Up to 6 months mortgage payments rolled into loan
Expert Tips For Choosing The Best 203K & Renovation Loan Lenders: Competence Not Confusion!
There are other loan options available to help finance value enhancing improvements or required repairs to your new or existing home. BUT we do want to caution you!
We've heard just as many horror stories over the years about lenders who, simply put, didn't know what they were doing (didn't understand the 203k process) as we have about other contractors who didn't know what they were doing!
In fact, when we get calls from those looking for a 203k Contractor, we ALWAYS ask them, not just who their lender is, but we also ask them "have you asked your lender HOW MANY 203k's they've actually done?"
Practically NO ONE asks their lender this important question but at this point, many will actually call their lender and ask that question!
If a lender says they've only done one or two renovation loans, our advice is... RUN! (Unless you're already locked in)
Just as we discussed on our "203k Contractors" page, the 203k renovation loan process CAN be rather complicated and confusing to those who are unfamiliar or inexperienced with it.
You want to surround yourself with experience and competence, not confusion! This applies equally to lender, contractor and consultant. (If you need one. We work with the best in the business!)
We here at Metro Renovations & More! pride ourselves in working with/referring to the absolute top experts available in the renovation loan business!
In fact, the lenders we work with have closed THOUSANDS of 203k and other renovation loans over the years!
THAT'S the kind of experience you need to ensure a seamless process! Again, experience, not confusion!
So, if you are in the market for a 203k or other renovation loan or maybe you just have questions, call us!
We'll have a brief chat about your project/needs and if you do need a renovation loan lender, we'll refer you to one or more lenders who will answer any questions you may have and simply put, will impress you!
Then, when you need a 203k contractor, we will be at your service!
Metro Renovations & More!
770-549-5081
'*Disclosure ~ We refer to the best lenders in the business to ensure a smooth process for you and your contractor, (Hopefully us!) not to "make a buck!"
In fact, a lender can't even send us a gift certificate for a Happy Meal as a referral fee! That is illegal and they would loose their license!