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.
One of the biggest myths out there is that you need a bunch of money to buy a house. That’s simply not true. There are a number of No and Low down payment options for home buyers. On top of that you don’t have to be a first time home buyer to access many of those programs. During our next lunch and learn we will cover all the different options out there for buyers looking to minimize their down payment. Over the last couple years its been harder to get a lot of these types of offers accepted. However, with the market going back to a much more “normal” state it’s not nearly as hard as it was just a few short months ago. This is the perfect time for Realtors to reconnect with their past customers and get back out there looking. Come check out this lunch and learn and get a refresh course on low down payment options for buyers!
Here is a list of some of the things we will cover during the event:Visit Jeremy's Blog