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Renovation Loans in Redding CaliforniaDoes your bathroom or kitchen need to be brought into the 21st century? How about your windows and doors—do they let in a lot of cold (or hot) air? Has your siding been peeling, rotting, or coming loose? It might be time to look into renovating your home. Or perhaps you’re looking at buying a home that needs some TLC. A renovation will not only improve the comfort and aesthetic appeal of your home, but it could also increase its value. Chris Lamm: Redding Mortgage Lender has multiple options for home buyers and homeowners that are looking for renovation loans in Redding.

FHA Loans

The Federal Housing Administration offers government-subsidized loans that can be used to renovate your existing home or a home you are purchasing. For an existing home, an FHA loan will cover both the improvement expenses and the refinancing costs. For a home you’re buying, an FHA loan will cover the purchase, the improvements, and the closing costs.

The FHA has a specific renovation loan program, called the 203(k) Rehabilitation Mortgage Insurance program. This type of loan enables homeowners to buy fixer-uppers that would normally not be financeable and to obtain interest rates at lower than prime. Be aware, though, that this program has requirements on the types of improvements you can make. You must be approved.

USDA Loans

The USDA loan program makes it possible for home buyers and owners in non-metropolitan areas to get renovation loans for home repairs and improvements. Approximately 97 percent of the United States falls into USDA-eligible territory, including homes in suburban and exurban areas. There are specific eligibility requirements for this loan as well, which is why you need a lender like Chris Lamm on your team.


Another route you can take is to refinance your home and use the equity in your home to renovate. This is generally done with a cash-out loan, in which you receive the money equaling the equity value of your home. The loan amount gets added to your mortgage principal and refinanced into a new loan. In some cases, your home improvements can also increase your home’s value.

These are three of the options offered by Chris Lamm: Redding Mortgage Lender for renovation loans in Redding. Whether you’re renovating for necessity, beauty, comfort, or convenience, you’ll be glad to know that a renovation might be more affordable than you think. So, go ahead—give us a call to see what you can do for your home!

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Chris Lamm

Contact Chris Lamm Your local Redding mortgage professional
970 Executive Way
Redding, CA 96002
Phone: 530-282-1166
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