BOULDER, CO, Feb 23, 2017—When making improvements to your home, you may find yourself asking, is their financial assistance for this? “In some cases, the answer is yes,” says Phil Boren, Broker Associate of RE/MAX of Boulder, Inc.. The following programs are available at the time of publication.
Title 1 Home Improvement Loan. HUD insures the loan up to $25,000 for a single-family home and lenders make loans for basic livability improvements – such as additions and new roofs – to eligible borrowers.
Section 203(k) Program. HUD helps finance the major rehabilitation and repair of one- to four-family residential properties, excluding condos. “Owner-occupants may use a combination loan to purchase a fixer-upper ‘as is’ and rehabilitate it, or refinance a property, plus include in the loan the cost of making the improvements,” says Boren. They also may use the loan solely to finance the rehabilitation.
VA loans. Veterans can get loans from the Department of Veterans Affairs to buy, build, or improve a home, as well as refinance an existing loan at interest rates that are usually lower than that on conventional loans.
Rural Housing Repair and Rehabilitation Loans. “Funded by the Agriculture Department, these low-rate loans are available to low-income rural residents who own and occupy a home in need of repairs,” says Boren. Funds are available to improve or modernize a home or to remove health and safety hazards.
For more information on home improvement, please contact RE/MAX of Boulder, Inc. at firstname.lastname@example.org, 303-441-5647, or RE/MAX of Boulder, Inc..
Phil Boren is a 26-year veteran real estate Broker and Realtor, specializing in consulting with buyers and sellers in Boulder, CO and along the Front Range of Northern Colorado. Held Real Estate Broker's license in Texas, California and Colorado; Managing Broker for over 200 agents and Brokers for Century 21 and RE/MAX franchises. Award-winning Realtor with experience in management, sales, marketing, relocation, appraisal, REO, BPO's, foreclosures, short sales; previously held the MAI designation from the Appraisal Institute. Experienced in both residential and commercial real estate and achieved the No. 14 individual ranking in the 5-state, Mt. States Region for RE/MAX International in 2001, based on sales volume. Received my BSBA in Finance and Real Estate from the University of Arkansas in Fayetteville, where he was a 4-year starter and 4-year football letterman for Hall-of-Fame coach, Lou Holtz.