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How to qualify for renovation loans
Quick answer
To qualify: Based on after-improved value; minimum 3.5% down on FHA 203k. Pay down revolving balances and avoid new credit pulls 60 days before applying.
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Financing options
Most homeowners pay cash for smaller jobs, use a HELOC or home equity loan for larger projects, or take a renovation loan when equity is limited.
Insurance considerations
Homeowners insurance covers sudden, accidental damage from a named peril. Gradual wear and maintenance issues are excluded — a home warranty may help close that gap.
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Last updated: 1970-01-01