Renovation Loans

Rehabilitation and Renovation Loans

Rehabilitation loans are a great way to buy a home in need of upgrades, repairs or renovations and finance the purchase and renovations with a single mortgage. There are a number of reasons buyers look for this type of loan; buyers may be looking to buy a more affordable home, buyers looking to buy, renovate, and sell, etc. This program is also a good option in federally declared natural disasters that damage homes who can use a rehabilitation loan to finance the repairs in this situation.

In addition, Rehabilitation loans often offer a lower credit score, lower down payments and no higher interest rates than traditional conventional loans.

According to the US Department of Housing and Urban Development, the types of rehabilitation that borrowers may make using Section 203(k) financing include:
  • Structural alterations and reconstruction
  • Modernization and improvements to the home's function
  • Elimination of health and safety hazards
  • Changes that improve appearance and eliminate obsolescence
  • Reconditioning or replacing plumbing; installing a well and/or septic system
  • Adding or replacing roofing, gutters, and downspouts
  • Adding or replacing floors and/or floor treatments
  • Major landscape work and site improvements
  • Enhancing accessibility for a disabled person
  • Making energy conservation improvements

HUD also requires that properties financed under this program meet certain basic energy efficiency and structural standards.

About

Independence Home Mortgage Corp. is a residential mortgage company dedicated to the American Dream of home ownership. We are a customer focused mortgage brokerage firm who strives to build lasting relationships by providing personalized mortgage solutions and unsurpassed service. We offer residential loans including conforming conventional, jumbo, FHA, VA, USDA, and portfolio options. We arrange financing for purchase, refinance, construction, and reverse mortgages on multiple property types. ...

 

Contact Us

Photo

- NMLS: 122142
720 Johnsville Blvd
Suite 1205B
Warminster, Pennsylvania 18974
Phone: (215) 323-4120
Email: information@ihmtg.com

 

Stay Connected

Logo

© 2020 Independence Home Mortgage Corp NMLS ID# 122142.  All rights reserved.  This is not a commitment to make a loan.  The terms and conditions in connection with any extension of credit are effective as of the date you receive material and are subject to change within the sole discretion of Independence Home Mortgage Corp without notice.  All loans are subject to credit and property approval.  Not all products are available for all loan amounts, programs or credit grades.  Other restrictions and limitations apply.  There are maximum loan amounts.  All loan approvals are subject to underwriting guidelines through third party providers. Independence Home Mortgage Corp is a licensed mortgage broker, NJ Department of Banking and Insurance, Pennsylvania Department of Banking and Securities, Florida Office of Financial Regulation, Michigan Department of Insurance and Finanical Services, & Texas Department of Savings and Mortgage Lending.  Registered Mortgage Broker - NYS Department of Financial Services.  All loans arranged with Third Party Providers.  

 

This site is not authorized by the New York Department of Financial Services. As such, no mortgage loans for properties located in New York will be accepted through this site.

This site is not authorized by the New York Department of Financial Services. As such, no mortgage loans for properties located in New York will be accepted through this site.

© 2020 Independence Home Mortgage Corporation    

732.555.1212