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 all the major loan programs: Conventional, FHA, Rural Development, and VA.

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 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!

Program Details

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.

Latest Blog Post

October Lunch and Learn / Webinar: The Ins & Outs of Appraisals

Appraisals – Its complicated

When we start talking appraisals it can get confusing.  As lenders, we learn what’s important for getting the loan closed.  Realtors put their market analysis hat on when they think about them.  Neither is correct.  Look at it this way, an appraiser is in a profession in and of it’s self.  Appraisers are licensed and trained to look at property values in a pretty specific way.  On top of that the different loan programs all have different “rules” the appraiser must follow.  Then at the end of the day its not a specific formula but a matter of opinion.  That’s why we always tell people we could order 5 appraisals on a property and we would get 5 different sets of results.   During this event we are going to go over many of the things the appraisers look at, how they analyze the property, and some of the different variables that come into play across different loan programs.  If you are looking for a deeper understanding of how appraisers think this is a must attend event.

Hot Topics We Will Cover

Here is a list of some of the things we will cover during the event:

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