Why can Remodel or Additions to your home a be better option?
If you only need more space in your home, or maybe a face lift and you do not want to leave your neighborhood a remodel loan by American Loans may be the best option.
We can lend you up to 95% of the Future appraised value of your home. If you have equity in your home this can be an easy option but if not we will go up to 95% of the future value of your home. Let’s use and example, if your home appraises only $300,000 in its present condition and you would like to add a couple of rooms and redo the kitchen and bathroom would and the cost would be $100,000 and lets supposed the with the improvements the new home appraised value would be $435,000, we would lend you up to 95% of that amount or in this case $413,250.00 giving you plenty of funds to do your remodel. In addition, we can do this loan WITH NO PRIVATE MORTGAGE INSURANCE OR PMI keeping your payments at a minimum.
This avoids the hassle of moving, changing schools and leaving love ones behind. Remember also that some of the established areas may be more valuable for resale than a new or far away neighborhood.
This program also applies to New Homes. If you buy a home that needs remodel or expansion we will lend you the funds to add to your new home.
In addition this remodel program applies to extensive yard improvements, addition of a pool, finishing basements, adding square footage to your home by moving walls or adding an additional floor.
The improvements have to be done an approved contractor and have to include appropriate permits.