Home Improvement Financing Option

Posted on December 27, 2009. Filed under: Renovation | Tags: , |

Home Equity lines of credit are drying up across the country.  The trend began 2 years ago and has continued relentlessly.  Large Banks and other lenders are cutting off access to new funds on these lines due to falling home values and this is creating challenges for those homeowners looking to improve their properties. 

So what options exist?  FHA Renovation loans are still available.  These allow homeowners to take the expense of large home renovation projects and finance it into a mortgage (over 30 years for example).  Renovation loans also allow the total financing to exceed the value of the home!  The sensibility of this is measured by the scope of the work.  Mainly, there may simply be no other way to fund large projects.  Credit cards are limited in dollar amounts allowed and we have all experienced what can happen to credit card rates at the whim of credit companies. 

For details about Renovation loans click the “renovation” link at the top of my page or just email me michael.pfeffer@pncmortgage.com.  Very few companies actually provide these loans outside of Wells Fargo.

A great company to visit if considering renovation work is www.servicemagic.com.


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