Want to Upgrade but Don’t Want to Move? Refinance with the 203k Loan

BSMCU 203k Loan NewMany people we speak with are apprehensive to list their homes because houses are flying off the market and they are afraid they won’t be able to find something that they want to buy. So, if you find yourself ready to upgrade to a larger home or one with more amenities, consider upgrading your current home to include those features you are looking for, instead of buying a new house. This will save you the hours of house hunting, the frustration of packing, and allow you to increase the value of your current home.

The FHA (Federal Housing Administration) 203k Loan has two tiers, the limited and the standard, so no matter what upgrade you have in mind, the 203k will likely cover it. Projects range from painting to new windows, to upgrade heating systems, to kitchen remodels, and even brand-new additions or structural changes. The only items that the 203k won’t cover are luxury items such as pools or outdoor kitchens—but that’s where the HomeStyle Loan comes in (more on HomeStyle  to come). So instead of searching for a new home with a second living area, consider refinancing your home and adding a den on the back of the house. If you have always dreamed of a gourmet kitchen, upgrade your current kitchen instead of looking for a new one. 

Thanks to the renovation specialists at Stockton Mortgage Corporation, financing a project like that has become easier than ever. As you likely know, the total amount at which you refinance is based on the improved value of your home so the repair costs are then able to be paid to your contractor out of the financed amount. With this fantastic program and the home financing expertise at Stockton Mortgage Corporation, you can turn the home you have into the home you want with ease. Contact one of our renovation specialists today to find out your first step to living in the home of your dreams.

Learn how to get approved for a 203k Loan today!

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