Do you love your community, school district, or home’s historical significance but feel limited by particular features and dated designs? A custom home renovation allows you to achieve the best of both worlds by staying in your current home while updating all the elements that just aren’t working for your family. A Chicago home renovation loan is an excellent way to jump-start your journey to a more luxurious home and increase your property value at the same time.
Custom home renovations can add significant value to your property and bring new life and increased satisfaction for homeowners. Our clients consistently express the world of difference completing their custom home renovation made for them, and their only regret was not starting the process earlier. We work side by side with our clients and ensure every detail of their home renovation fits their family, personality, and lifestyle and suits the standards of our prestigious Chicago neighborhoods.
Although there are a variety of Chicago home renovation loans, the two most common include conventional loans and the FHA 203K loan.
Conventional Chicago Home Renovation Loans
When it comes to conventional loans, there are both private and government-backed. Government-backed conventional loans tend to have the lowest interest rates and more consistency from lender to lender. However, each lender sets its own rules regarding private conventional loans, so exploring those details with your lender is a must.
Non-conventional loans have some advantages worth exploring, including higher loan limits, no limitations as far as what can be rehabbed or added, and they can be used to remodel second homes and investment properties.
Chicago FHA 203K Loans
FHA 203K loans are either Standard or Limited. The Standard or “full” version allows for structural changes and has a higher rehab fund limit, whereas the Limited option does not allow for structural changes, and the total repair funds can not exceed $35,000. These types of loans can not be used on investment properties or luxury items such as swimming pools; however, they are easier to qualify for compared to common conventional renovation loans in Chicago.
You have many options when creating your dream custom home with a Chicago home renovation loan. As you begin the process, you will discover what works best for you!
Ready to start your luxury home renovation? Contact us to set up a consultation to start living in the home of your dreams!
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