Buying your first home can be an exciting time. It can also become frustrating, if you keep finding houses that are “just okay.” Many first homes are fixer-uppers or average
houses that we tend to settle for because they’re within our price ranges. These houses can turn the fun process of dreaming big into a monotonous, droning time of NOT. Not this house, not that house, not again.
Instead of making your first mortgage experience a frustrating one, turn it back into a great time full of dreams and possibilities. You can do this with home improvement loans like the FHA 203k and HomePath Renovation. These options can help you turn a fixer-upper into a diamond in the rough, eventually getting your dream house. And it’s your first mortgage!
Check out this list of 5 reasons a home improvement loan should be your first mortgage:
- Turn an average house into a dream home. Maybe it’s an unfinished basement or a lack of a deck. Whatever makes the houses you’re considering “just okay” can probably be fixed up with home improvement loans.
- Someone else’s style is not your style. Whether it’s old carpet, old paint or other decorations, you can finance the work of replacing another person’s style choices with your own.
- Fix things the previous owner ignored. From old windows to a new roof, you can go through a home and fix up things the previous owner left behind.
- Get more house for the money. You could buy a foreclosure for “cheap” and fix it up, including adding a room, for less than what you’d buy a new house with exactly what you want.
- The best home improvement loans have low down payments. FHA 203k and HomePath Renovation require down payment of less than 4%. This means you need a little cash on-hand, but not an excessive amount. In fact, you’ll need less cash than if you financed many of these home improvement projects yourself.
Learn more about renovation financing with “The Ultimate Guide to Home Improvement Loans“. It may help broaden the search for your first home!