Renovation Financing
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 both conventional and FHA loan programs.
How does it work?
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 appraisal. The appraisal is done as completed, meaning the appraiser gives us a value based on the completed project. When the appraisal 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!
Program Details
Latest Blog Post
Unlock Your Dream Home: The Power of VA Renovation Loans
For veterans and active-duty military personnel, the dream of homeownership often comes with unique considerations. Finding the perfect home that meets all your needs and preferences can sometimes feel like a challenge, especially when inventory is tight. But what if you could purchase a home with untapped potential and tailor it to your exact specifications, all with the backing of your VA benefits? Enter the VA Renovation Loan – a powerful tool that can turn fixer-uppers into your forever home.
What is a VA Renovation Loan?
A VA Renovation Loan, allows eligible veterans, active-duty service members, and surviving spouses to finance both the purchase of a home and the cost of necessary or desired renovations in a single mortgage. This eliminates the need for multiple loans and streamlines the process of creating the perfect living space. It also opens up endless possibilities with home choices. All those houses they said won’t pass a VA appraisal, the VA renovation loan is the hack for that!