THE MAKEOVER BLOG
Renovation stories, useful ideas, and perspectives to help you see what comes next.
General
No. That is one of the biggest myths about 203k loans. These loans work on a wide range of homes, from houses that only need light updates to houses that need a full gut renovation. A Limited 203k is a great fit when the…
Read article : Are Renovation Loans Only for Run-Down Houses?General
Do you need a large emergency fund to use a renovation loan? You do not need a giant pile of cash to pay for the renovation itself. That is one of the biggest benefits of a 203k. The repair money is financed in the loan…
Read article : Do You Need a Large Emergency Fund to Use a Renovation Loan? Realistic cash reserves beginners should plan for.General
You can finance both. Renovation loans are not limited to foundation repairs or roof replacements. They can also cover the updates that make a house livable and comfortable for your family. A Limited 203k is built for sm…
Read article : Can you finance cosmetic updates or only structural work?General
Is a renovation loan worth it compared to buying turnkey? It can be, but the right answer depends on what your family values most. Cost, time, and lifestyle all play a part. A turnkey home is simpler. You buy it, move in…
Read article : Is a Renovation Loan Worth It Compared to Buying Turnkey?General
The FHA 203k is the most popular renovation loan for everyday buyers, and here is why it stands out. The 203k is backed by the Federal Housing Administration. It allows a low down payment of just 3.5 percent for most bor…
Read article : What is the difference between an FHA 203k and other renovation loans?General
You do not need a contractor locked in before you apply or get pre approved. You can start the conversation with a lender first and learn what you qualify for. Here is when a contractor actually becomes necessary. After…
Read article : Do you need a contractor before you apply for a 203k loan?General
Yes, in many cases you can live in the house during the renovation. But the real answer depends on how much work is being done and how prepared you are for the disruption. If the project is a Limited 203k with mostly cos…
Read article : Can you live in the house while it is being renovated?General
Going into a 203k with realistic expectations is one of the smartest things you can do. Here are the main risks that catch most first time buyers by surprise. The first risk is time. The process almost always takes longe…
Read article : What are the biggest risks beginners need to know about renovation loans?Mortgage
There are three major advantages that make renovation loans so powerful for everyday buyers. First is simplicity. You get one loan that covers both the purchase price of the house and the cost of the renovations. Instead…
Read article : What Are the Biggest Advantages of a Renovation Loan?
