However, the same goes for most mortgages with a down payment below 20 percent.īuyers able to put down 20% or more might prefer Fannie Mae’s HomeStyle Renovation loan or Freddie Mac’s CHOICERenovation. The downside to FHA’s 203k program is that buyers are required to pay mortgage insurance. The interest rate can be fixed or adjustable, your down payment can be as low as 3.5%, and you typically need a credit score of around 620. This mortgage program, backed by the federal government, bundles your primary mortgage and renovation expenses into one loan. One of the most popular options is an FHA 203k rehab loan.
You can also pursue a renovation loan that will help you restore the property and make it livable. Grants aren’t the only source of financing available to historic home buyers, of course. Grant eligibility requirements will vary widely depending on the program, including rules for how, where, and when the funds can be used. Also, visit this site for links to several grant programs. To hunt for grants in your area, begin by requesting more information from a nearby office of the National Trust for Historic Preservation or your State Historic Preservation Office. “There is a competitive application and approval process, and homeowners must submit a detailed scope of the work involved as well as several competitive bids to be eligible.” “These grants range from $5,000 to $20,000,” Wiest continues. “In my town of Aurora, Illinois, for example, the municipality runs a grant program for homeowners in its historic districts to improve the exteriors of their homes - such as repointing mortar, replacing siding, and painting. “Local, state, and federal governments all have their own brand of grant programs,” says Jon Wiest, owner of Ripped Jeans Construction. Unfortunately, most grants for historic homes are only available to nonprofit organizations and public properties/groups.īut as a private owner of a historic home, you may be able to find grant money on a local, state, or national level from various sources, including philanthropic groups. To help offset these costs, you may qualify for grants, loans, and/or tax credits that could help you cover the home purchase and, if necessary, the cost of restoring your new home. They stand as a rare surviving relic of past craftsmanship, architectural styles, and vintage materials that are no longer in mass production.Īn old house may also be cherished for other reasons, such as being the home of a famous person or the site of a significant event that happened decades ago.Īs such, purchasing and renovating homes designated as historic can be a lot more expensive than what you would pay for a typical existing home. Historic homes can carry a lot of prestige. Some are more difficult to find and qualify for than others, but if you do your homework you should be able to connect with valuable resources that could save you thousands. However, there’s also a lot of work and money involved - especially when remodeling a home that’s been designated as a ‘historic’ piece of real estate.įortunately, there are historic home restoration grants, loans, and tax incentives you may be able to take advantage of.
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