Whether you’re buying a home or your current home needs a makeover, making improvements just got easier. Our renovation loan programs can help you get those much-needed repairs or those nice to have home improvements by financing the costs into your mortgage for one monthly payment. These programs are also a great way to handle any appraiser required repairs. We have renovation loan options for all the major loan programs: Conventional, FHA, Rural Development, and VA.
The basic process is fairly straight forward. The first step is to identify a property and negotiate a acceptable contract. Next you will need to get a bid from a licensed contractor for any work you want to do on the home. We then order an apprasial. The apprasial is done as completed, meaning the appraiser gives us a value based on the completed project. When the apprasial comes back we button up anything else that needs to happen underwriting wise and then close on the loan. At closing the seller get’s their money and ownership of the property also changes hands. The contractor can now go in and get going on the work. Once all the work is done we reinspect the property, verify everything is done, and then pay the contractor out of the loan proceeds. It’s really that simple.
To find out more about the benefits of our renovation programs, contact me today!
This video is an example of what can be done with a rehab loan. This was a home in Kalamazoo, MI that had fire damage and was brought back to life using an FHA 203k Renovation loan.
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