Do You Need A Home Improvement Loan?
Many people do not know that there are other options to making upgrades to your home even when you do not have a lot of equity. You can do this with the FHA 203(k) rehab loan as a refinance. You can go as high as 110% of the after-improved value as your base mortgage is 97.75% of the lessor of:
- The sum of existing liens, total rehab cost, borrower-paid closing costs and prepaids, the discount points minus the Mortgage Insurance Premium (MIP) refund OR
- The lessor of the sum of the as-is avlue plus the total rehab cost OR
- 110% of the after-improved value.
Contact me today for more information if you are looking for this type of loan in Florida and especially in the Fort Lauderdale and South Florida area.