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  Home Improvement
  Do you need funding for home repair projects? Is it time to make that new room addition for your growing family? Do you want to make your home more energy efficient to help lower your energy bills? Found that hidden jewel that you think is worth investing in but is much undervalued because it needs remodeling? Or do you simply want to renovate and update the look of your home or to increase its value to attract homebuyers for your property? Any one of these reasons would be a good time to consider a home improvement loan from Sun West. Using a loan for making home improvements allows you to put your own cash towards something else when you need it the most.
  Consider a Cash-Out Refinance option that you can use to tap into the equity of your home. This option allows you access to the equity of your home for the upfront cash you need for your home improvement projects and even possibly allowing you to refinance your home to a lower interest rate and monthly mortgage payments at the same time.
  Don't have adequate equity in your home yet but still need the upfront cash for your home improvement project? Don't worry. The government is here to help with FHA-sponsored 203(k) programs created just for the purpose. FHA-sponsored 203(k) home improvement loans give you the ability to refinance your home for more than what it's worth in the current market. Designed for home rehabilitation purposes, the FHA 203(k) loan gives homeowners the ability to make home improvements, and is available both as a purchase loan or a refinancing option for your existing mortgage.
  Qualifying project types with a Home Improvement loan:
  • Heating, air conditioning, and ventilation
  • Insulation
  • Energy-efficient improvements
  • Roofing, flooring, plumbing, and septic systems
  • Kitchen remodeling (including upgrading your kitchen appliances)
  • Limited bathroom remodeling
  • New room(s) and second story additions
  • Improvements to attics and basements
  • New decks and patios
  • Landscaping projects
  • Wall siding, weather stripping, and certain structural upgrades
  • Health and safety upgrades, such as removing lead-based paint and replacing it with new, safe paint
  • Energy-conservation upgrades
  • Disability access
  Your FHA 203(k) loan may be used for specific projects even if your home does not need other types of improvements. Before we underwrite such loans, your property must be properly appraised and your intended purposes will be assessed. The labor costs associated with the improvement projects must be included in the loan, even if you are the contractor, and your projects must be completed within six months. The services of a FHA Approved 203(k) consultant are required to be used on rehabilitation loans involving "major" repairs and the fee required for theses services can be financed into the loan amount.

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