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Did you know: June is National Homeowners Month

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Niche Loan Program Helps Homebuyers Finance $15,000 of Improvements into Mortgage

If you or someone you know is thinking about buying house that needs some repairs and updates, INHP, the nonprofit homeownership and neighborhood resource, has a unique mortgage option that could be a good fit. This innovative loan program called Revive Indy combines the financing of a home mortgage and a home improvement loan into one convenient fixed-rate package.

This is how it works:

  • Buyers can roll up to $15000 in repairs into their mortgage to buy a home. Items could range from repairs identified in the appraisal or inspection such as a roof, electrical and furnace, as well as upgrades on their wish-list items like a new deck, paint or even countertops.
  • More flexible than government rehab programs—licensed, insured contractors are not required for all of the work so that you can save money by tackling some of the simpler, cosmetic updates and minor repairs yourself. This way, you conserve the bulk of your loan dollars to hire professional contractors to complete the major repairs and replacements that you can’t do on your own.

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To learn more about INHP’s Revive Indy loan, contact Janai Roberts, Loan Officer, by calling 317.610.4625 or emailing Jroberts@inhp.org. For information about INHP, visit www.inhp.org.