{"id":462,"date":"2013-10-02T00:00:00","date_gmt":"2013-10-02T19:49:43","guid":{"rendered":"http:\/\/nexus_themes\/plumber\/2013\/10\/02\/general-maintenance\/"},"modified":"2018-03-30T11:35:44","modified_gmt":"2018-03-30T15:35:44","slug":"renovation-loans","status":"publish","type":"page","link":"https:\/\/palmettofirstmortgage.com\/renovation-loans\/","title":{"rendered":"Renovation Loans"},"content":{"rendered":"\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_one_full-15d750bd1b332b34c6e70b077ebbccdf\">\n.flex_column.av-av_one_full-15d750bd1b332b34c6e70b077ebbccdf{\nborder-radius:0px 0px 0px 0px;\npadding:0px 0px 0px 0px;\n}\n<\/style>\n<div  class='flex_column av-av_one_full-15d750bd1b332b34c6e70b077ebbccdf av_one_full  avia-builder-el-0  avia-builder-el-no-sibling  first flex_column_div av-zero-column-padding  '     ><p>\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_image-e54b8d8bae8e3504b0049d078c6a34f5\">\n.avia-image-container.av-av_image-e54b8d8bae8e3504b0049d078c6a34f5 img.avia_image{\nbox-shadow:none;\n}\n.avia-image-container.av-av_image-e54b8d8bae8e3504b0049d078c6a34f5 .av-image-caption-overlay-center{\ncolor:#ffffff;\n}\n<\/style>\n<div  class='avia-image-container av-av_image-e54b8d8bae8e3504b0049d078c6a34f5 av-styling- avia-align-center  avia-builder-el-1  el_before_av_hr  avia-builder-el-first '   itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><div class=\"avia-image-container-inner\"><div class=\"avia-image-overlay-wrap\"><img decoding=\"async\" fetchpriority=\"high\" class='wp-image-1492 avia-img-lazy-loading-not-1492 avia_image ' src=\"https:\/\/palmettofirstmortgage.com\/wp-content\/uploads\/2018\/03\/top-renovation-loans-myrtle-beach.jpg\" alt='Renovation Loans Myrtle Beach' title='top-renovation-loans-myrtle-beach'  height=\"460\" width=\"1000\"  itemprop=\"thumbnailUrl\" srcset=\"https:\/\/palmettofirstmortgage.com\/wp-content\/uploads\/2018\/03\/top-renovation-loans-myrtle-beach.jpg 1000w, https:\/\/palmettofirstmortgage.com\/wp-content\/uploads\/2018\/03\/top-renovation-loans-myrtle-beach-300x138.jpg 300w, https:\/\/palmettofirstmortgage.com\/wp-content\/uploads\/2018\/03\/top-renovation-loans-myrtle-beach-768x353.jpg 768w, https:\/\/palmettofirstmortgage.com\/wp-content\/uploads\/2018\/03\/top-renovation-loans-myrtle-beach-705x324.jpg 705w, https:\/\/palmettofirstmortgage.com\/wp-content\/uploads\/2018\/03\/top-renovation-loans-myrtle-beach-450x207.jpg 450w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/div><\/div><\/div><br \/>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_hr-616cd310f4c6bf63bbd1f033802c1165\">\n#top .hr.hr-invisible.av-av_hr-616cd310f4c6bf63bbd1f033802c1165{\nheight:20px;\n}\n<\/style>\n<div  class='hr av-av_hr-616cd310f4c6bf63bbd1f033802c1165 hr-invisible  avia-builder-el-2  el_after_av_image  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div><br \/>\n<section  class='av_textblock_section av-av_textblock-2de302bf1aa3cf4c9157dbe6f50ac7eb '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><h2>Renovation Loan<\/h2>\n<p>Whether you are looking to purchase a home that needs renovations or repairs or are refinancing an existing mortgage and looking to make home improvements, the Renovation Loan is an excellent home loan choice. The great feature about this renovation loan is that it is a single first mortgage, not an equity line of credit, construction loan, or second mortgage. The fact that the Renovation Loan is a single mortgage means there is only one closing thus saving you both time and money. First mortgage loans typically offer a lower interest rate than an equity line or a construction, which is an additional cost savings.<\/p>\n<h4>How Much Money Can You Borrow For the Renovation Loan?<\/h4>\n<p>Renovations, repairs, or improvements cannot exceed 50 percent of the \u201cas-completed\u201d value of the property with a first mortgage. The \u201cas-completed\u201d value is the market value of the home factoring in the improvements and renovations.<\/p>\n<h4>What Type of Repairs or Improvements Are Allowed?<\/h4>\n<p>The renovation loan can only be used toward any repairs or renovations that are permanently affixed to the property and also improve the value to the property.<\/p>\n<h2>Renovation Loan \u2013 FHA 203K Loan<\/h2>\n<p>203k Loan \u2013 FHA Section 203k insurance enables home buyers and homeowners to finance either (or both) the purchase and\/or refinancing of their home including the cost of its repair and upgrades through an individual mortgage. It allows them to finance the repairs or upgrades of their existing homes.<\/p>\n<p>The FHA 203k loan meets a very specific and crucial need for home buyers. When purchasing a home that needs some repair or modification, home buyers typically have to follow a complex and often prohibitively costly process. Loans required for this kind of home buyer usually have high interest rates, balloon payments, and short payment terms. That\u2019s why the 203k loan is a perfect loan for rehab and improvement and is insured by the Federal Government.<\/p>\n<h2>FHA 203k Loan &#8211; Government Insured Can Be Used For:<\/h2>\n<ul>\n<li>Bathrooms and kitchen remodeling (including built-in appliances)<\/li>\n<li>Replacing a roof, gutters, and downspouts<\/li>\n<li>Adding a second story, a family room, another bath, etc.<\/li>\n<li>Completing a basement or attic<\/li>\n<li>Upgrading plumbing, heating, air conditioning or electrical service<\/li>\n<li>Installing new siding, energy efficient windows and doors<\/li>\n<li>AND MUCH MORE!<\/li>\n<\/ul>\n<\/div><\/section><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","meta":{"footnotes":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Renovation Loans - Palmetto First Mortgage<\/title>\n<meta name=\"description\" content=\"Palmetto First Mortgage is your lending solution for your new South Carolina Mortgage. 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