Mary, there are a number of good answers here. As a Mortgage Banker, I would answer your question this way, Depending on your personal situation, I have 4 programs that would fit your needs and help you get the work done.
(1) there is the FHA 203K which has a bit better interest rate coupled with mortgage insurance payments that may not be what you want.
(2) the conventional renovation loan...little higher interest and less restrictions
(3) a historical property renovation.. more restrictions than the other two
(4) an equity harvest
What ever program works best for your situation, needs, and wishes, I can help you finance. Call me at your convenience.
Check out the Seven Steps of a Mortgage
Here is Step 1
Call 623-340-0934 today to discuss your purchase, refinance, or mortgage options
Call 623-340-0934 today to discuss your purchase, refinance, or mortgage options.
Korene L. Clopine-Seaman
Branch Manager / Senior Mortgage Banker
NMLS: 218520 AZ: LO-0916745 CA: DBO-218520
Mortgage Website: www.klcsloanteam.com
Text Korene to 87804 for my electronic business card.
Geneva Financial, LLC
15396 North 83rd Ave, Bldg F Suite 101
Peoria, AZ 85381
Equal Opportunity Lender