When it comes to renovation financing, we offer many different loan options for home buyers and homeowners. The Renovation Loans, FHA 203k streamline, & the Fannie Mae Homestyle all have different benefits and pitfalls to them. Not to mention you put the PowerSaver Grant option in there to further complicate things. The chart below compares some of the differences between the programs. The renovation loan process is pretty much the same regardless of which loan program you go with. Mortgage options can be complicated and when you throw repairs into the mix its even more confusing. Give us a call today and we’ll work with you to explore all your options.
|Conventional||Conventional Investment||FHA 203K||USDA RD||VA (for Veterans)|
|Upfront Mortgage Insurance Fee||1.75% upfront (can be financed)||1% upfront (can be financed)||Varies|
|Minimum Down Payment||5%||20%||3.5%||No down payment option||No down Payment Option|
Working with home buyers searching for a new primary residence is a totally different game compared to working with investors and rental property. Sure, there are similarities, but what want-to-be home owners care about is different than what an investor cares about. Frankly, for an investor, it’s all about the money and it should be. When someone purchases a rental property they are essentially running a business. If we can help them run a successful business and turn a profit they will likely come back and buy more properties.
There are lots of want-to-be investors out there and the hardest part is getting started. We are going to help unravel the maze. We will also look at long term planning. Often just knowing what needs to happen to acquire the next property and the next one after that is one of the keys to success. Owning rental property can be a great way to build wealth and we are here to help.Visit Jeremy's Blog