Assisting Your Rebuild - Financial Options For Renovation Financing
Any local resident in need of a renovation loan will receive a $2,000 credit toward closing costs.
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As of recently, NJ Lenders’ neighbors in Little Falls, New Jersey have been severely impacted by storms and flash flooding in the area. But, as a local member of the business community since 1991, we’re here to help our friends in Little Falls rebuild their homes. As an expert in renovation financing, we can assist those affected by navigating the process of rehabilitating your home quickly.
Local residents impacted have an opportunity to take advantage of our FHA 203k renovation loan program. This program provides funds for the renovation of a damaged home packaged into a mortgage loan. It can also help provide a homeowner with the financing of buying a home in need of repair, as well as obtaining funds for the refinancing of a property. Requirements for the 203k loan such as credit qualification, down payment, and loan limits are the same as standard FHA-insured loans.
Rehabilitation of properties damaged by the storms can include the following improvements:
- Repairing structural damage to include major renovation or remodeling
- Adding or replacing floors and/or floor treatments
- Major landscape work and site improvements
- Enhancing accessibility for a disabled person
- Replacing and repairing decks, patios and porches
- Remodeling basement to include finishes and waterproofing
- Upgrading plumbing, electrical and HVAC systems
- Weatherization including storm windows and doors, insulation, and weather stripping
- Window and door replacements and exterior wall re-siding
- Purchase and installation of appliances, including free standing ranges, refrigerators, washers/dryers, and dishwashers
- Painting of interior and exterior
Benefits of 203K financing to include:
- Up to six months of mortgage payments to be included in financing
- Home does not need to be habitable to be eligible
- Financing can be based upon 110% of the after-improved value
- Flexibility in selecting your own contractor
- Most if not all costs associated with the renovation can be financed resulting in minimal out of pocket expenses
How NJ Lenders can help –
- We are a local member of the business community since 1991 interested in helping our friends in Little Falls rebuild their homes.
- NJ Lenders is an expert in renovation financing and can navigate the process of rehabilitating your home quickly
- As one of the largest privately held mortgage banking firms in the State of NJ, we have access to the resources and information needed to help your family re-build and re-store your home. If we can’t help you, we’ll find out who can.