Financing Your New Kitchen or Bathroom Remodel
We offer two financing options for our customers. We have offered this program for many years, but these are more valuable now than ever. With banks, reducing equity lines or removing them all together, these financing options take on a whole new meaning. These are not tied into your equity or property value and approvals are quick and easy. All of our financing programs are bank run, and are low fee, insured loans.
FHA Title 1 Financing
The Federal Housing Authority offers a great loan insured by FHA that allows contractors to offer home improvement financing to their customers even though they may not have equity or have limited credit.
The loan is based on loan amounts and credit scores, not the equity in your home or the length of the loan. Single Family home owners can qualify for up to $25,000.00, and multi family homes owners up to $60,000.00.
FHA also offers an unsecured loan for up to $7500.00, which means they do not take a position against the property if you are unable to repay the loan.
Approvals are fast, usually within 24-48 hours, and there are few loan requirements which make the program appealing to most customers. All FHA loans are fixed rate loans, so you don't have to worry about the rate changing due to market circumstances.
Also, there is no prepayment penalty, so you can payoff the loan at anytime and not have to worry. A great way to take advantage of this is to stretch the loan our for 5-10 years. It may seem crazy, but since your minimum payment is low, you can pay down the principal fast by sending in extra payments. This also cuts your interest rate down, sometimes as much as 40-50 percent.
This loan also has a deferred payment option of 30, 45 or 60 days. So that means, once the project is completed, you first payment can be pushed back as far as 60 days.
These loans are also great for our customer's that would like to pay for some of the project with their own funds, and just finance a small portion. The miminum you can finance is $5000.00, but this may help you get a few upgrades that you thought you previously could not afford.
If you would like to apply for a FHA loan, please ask your project manager for an application.
Quick Overview
- Low, fixed interest rates based on loan amount and credit scores (not equity or term)
- Single family loans up to $25,000; multifamily $60,000
- Unsecured loans up to $7,500
- Fast approvals/few loan requirements
- No points or "junk" fees
- No equity required and no appraisals
- No prepayment penalties
- Deffered payments available
Traditional Financing
This type of financing is good for larger projects, or for those that need more financing than can be offered by FHA. Our traditional financing program has a maxium loan amount of $100,000.00 and it is a fixed rate just like the FHA program.
Where you will notice the difference is the requirements are a bit more strict to qualify, but the interest rates and fees remain the same.
The unsecured loan amount also is increased up to $10,000.00, which means they do not take a position against the property if you are unable to repay the loan.
This loan also has a deferred payment option of 30, 45 or 60 days. So that means, once the project is completed, you first payment can be pushed back as far as 60 days.
Our traditional financing program, is bank funded and the rates are locked in. This makes for a great financing option for those taking on a large remodeling project.
Quick Overview
- Low, fixed interest rates based on loan amount and credit scores (not equity or term)
- Single family loans up to $100,00
- Unsecured loans up to $10,000
- Fast approvals/few loan requirements
- No points or "junk" fees
- No equity required and no appraisals
- No prepayment penalties
- Deffered payments available
How To Apply For Financing
Simply download the credit application below. And present this to your project manager, you will receive an answer with 24-48 hours! If you have any questions, please contact our showroom at (847) 296-5500.
