Home Renovation USDA Loan is a Great Option
Could a Renovation Loan Be the Right Choice for You?
Payoff your First or Second Mortgage using USDA Renovation Loan
There are times in life when perhaps the best choice is to stay where you presently are. Perhaps you love your house and would like to just have more space in it. If this sounds a bit like you, contact a USDA Loans Direct Lender to learn about all of the many advantages of construction to permanent loan types.
When it comes to making home improvements like adding a garage, an extra room or even a swimming pool, this can allow you to enjoy your home along with the value you can experience. If you love where you currently live, there is no need to move but instead, you can work on home improvements.
Benefits and Features of Renovation Loans
- You can construct your home in up to 15 months.
- There is only one closing cost required.
- You will not have a prepayment penalty.
- For the construction, you only need to make interest payments.
What are the Eligibility Requirements?
- Your residence must be your primary residence or second home and also owner occupied.
- Your home must be a single family detached, one-unit home.
- Your builder will have to be a licensed contractor.
So How Does This Work?
Construction to permanent renovation loans pay off your current first and/or second mortgage while also covering your new construction cost with only one set of closing costs. The appraised value of your home determines the maximum loan amount and this includes any addition or improvement. USDA Loans Direct can assist you with a second mortgage that fits your personal needs.
Contact USDA Loans Direct for more information of construction to permanent renovation loans.