*FHA 203k or the
*FHA 203k Streamline
*Fannie Mae's Homepath Renovation loan (is an option for any homes owned by Fannie Mae)
I think USDA may even allow some renovations, and that is 100% financing for rural areas
Then there are a few conventional products out there that are 'niche' loans offered by specific lenders intended to compete with the above. They are all fantastic options if you have at least $5k in renovation costs.
There are a few down payment assistance programs that you could look into as well, that could be used with the above loans, particularly the Neighborhood Stabilization Program. If you get help with your out of pocket expenses, you could then use that cash money that you would have used towards your down payment to pay off some of your debt instead.
You cannot finance your debts, however....once you have enough equity in your home, you can get a home equity line of credit, do a cash out refinance or sell your home and use that equity to pay off your debts. I work with renovation clients all the time....even on mobile homes!
Please feel free to contact me for assistance with buying or selling....
Please give me a call to discuss . I look forward to hearing from you. I am a Mortgage Banker in metro Phoenix, AZ. I lend in both Arizona and California where I will be pleased to help you. If you or someone you know is looking for financing options, please feel free to contact me or pass along my information. 623-340-0934 Korene Clopine-Seaman NMLS # 218520 KLCSLoanTeam.com We are Direct Lenders, WE CLOSE LOANS!
Renovation loan yes. As mentioned FHA 203K and 203K streamline. The streamline des have a $35,000 renovation cost limit and other limits. The regular 203K does not have those limits. Because both loans are backed by FHA they tend to be expensive as compared to conventional lending.
Loan Officer/Real Estate Asset Planner
Financing Solutions for Arizona Real Estate since 1993
American Financial Lending, Inc.
20860 N. Tatum Blvd, Suite 160
Phoenix, AZ 85050-4277
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Realty One Group