South Carolina renovation loans allow home buyers to turn a house with solid bones into a home with all the special features and characteristics in the dream home they desire.
This type of mortgage loan is perfect for buyers who want (or need) financing to make repairs, additions or updates to a newly purchased house. A home renovation loan is a financing vehicle that combines the purchase price of a house with an anticipated cost of renovations into a single, typically low-rate, primary mortgage loan.
Because renovation loans do not get as much publicity as a home equity line of credit or traditional mortgage packages, there is some confusion about the benefits and lending requirements.
Here are five common myths about home renovation loans.
Myth 1: Interest rates for renovation loans are higher than traditional mortgage loan rates.
Myth 2: You must have a superior credit rating to qualify for a renovation loan in South Carolina.
Myth 3: Only essential repairs are eligible for renovation loans.
Myth 4: Condos and townhouses aren't eligible for reno loans.
Myth 5: Property owners must live in the home they want to rehab.
Learn more about the Midland Mortgage House 2 Home Loan Program. Dial (803) 765-1680 and speak to a Midland Mortgage representative in Columbia, SC.