How Remodeling or Additions To Your Home Can Be a 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 Home 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. If not, we will go up to 95% of the future value of your home. Let’s use an 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, and the cost would be $100,000, and let’s suppose that 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. This gives 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 loved 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 a 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, the addition of a pool, finishing basements, and adding square footage to your home by moving walls or adding an additional floor.
To qualify, the improvements must be done by an approved contractor and must include the appropriate permits.