If you’ve been thinking about delaying your home remodeling project until fall, you may want to think again. For the first time in nine years, home interest rates could be on the rise as early as June, according to a statement by the Federal Reserve. With the window of opportunity closing, now is the time to finance your next major home project.
Financing is a major decision that raises a lot of questions. Fortunately Design Build Remodeling Group has the answers. They have a number of options to ease the process and make sure you’re able to complete the project of your dreams.
Home remodeling is a great way to add space and improve the value of your home but it also costs a pretty penny, which means that most homeowners need some type of financing option.
Fidelity Bank Mortgage loan option
This year, Fidelity Bank Mortgage has partnered with Maryland-based Fidelity Bank Mortgage to provide the most competitive financing options for remodeling clients. Fidelity Bank Mortgage will work with you to guarantee a workable and comfortable financial solution.
203K financing
A 203K loan is basically a home improvement loan that is administered through the Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development (HUD). The program is the Department’s primary program for repair and rehabilitation of single-family properties. There are two types of loans:
- Standard (k) loans for complex project requiring substantial structural renovation
- Streamlined (k) loans for simple and cosmetic repairs
To be eligible, properties must be a one- to four-family dwelling in existence for at least a year and meet zoning requirements for number of units on the site. Any newly constructed units must be attached to the existing dwelling. If a home has been demolished, or will be razed as part of the rehabilitation work, it remains eligible provided some of the foundation remains intact. The loan can be used to convert a one-family dwelling into a two-, three-, or four-family dwelling, or decrease a multi-unit dwelling to a one to four-family unit. For more information on a 203K loan, click here.
Your home is a very important part of your life. Design Build Remodeling Group’s home improvement financing options will allow you to change your home immediately but pay for it over an extended period of time. No matter the size of the project or loan amount, we can help. For more information about our financing options available, contact us today.
