More than half of U.S. homes in need of updates… it’s time for 203(k)

According to a new report from Land Gorilla, the current housing stock is aging in the U.S. Now nearly 65% of homes are more than 25 years old and many are in need of repairs and renovations.

With a limited housing inventory, and home prices rising, you might think potential home buyers are running out of options. But that’s where Sierra Pacific Mortgage’s 203(k) Home Loans come in! 203(k) home loans are empowering local home buyers to renovate their dream home in the location they desire!

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If you’ve never heard of 203(k) home loans, they work by borrowing more than the purchase price to allow for financing of the renovations. This means the cost of your upgrades are already baked in to the mortgage!

This can be a game changing option for a lot of buyers who know what location they would like to purchase in but can’t afford a “move-in ready” home.

Home improvement and DIY experts are especially excited for 203(k) home loans as their vision of their dream home can now be a reality. Combined with the improved home value, 203(k) home loans are truly opening the doors for more homeownership opportunity!

If you’re interested in 203(k) home loans, contact a local Sierra Pacific Mortgage loan officer today!