How It Works
Picture this. You're interested in buying a home, and you have your eye on a property that just needs a little work. Better yet, it's a property that you might not have been able to afford ordinarily, but the very fact that it needs some work puts it in your price range. Quite an opportunity, right? The problem is, you might be stuck in a Catch 22 that prevents you from buying that property. Most lenders won't provide a mortgage for properties that need repairs. But how can you arrange for the repairs, assuming they can afford them in the first place, if they you can't buy the property? Fortunately, there's a government-backed loan program designed to help people in that exact situation. A renovation loan not only finances the purchase of a home that needs repair work, BUT ALSO FINANCES THE REPAIR WORK ITSELF!
We offer a number of different loan options, including...
Loans for purchase of a second home.
Jumbo loans for high-value properties.
VA loans for veterans, which require no down payment and no private mortgage insurance.
Federally backed FHA loans, for borrowers with limited funds for a down payment, or past credit problems.
What can you run with a renovation loan?
Anything from minor touchups, a new coat of paint, or even major structural upgrades.
Replacing a well.
Septic, plumbing or electrical work.
Expanding the footprint of a home.
Improvements related to disability access.
Connecting to public utilities.
Repair/replacement of HVAC systems.
Purchase and installation of appliances.
Structural repairs/modifications (moving walls, repairing foundations, etc.)
We're available for no-cost consultations.
If you'd like more information about renovation loans what they can do for your clients, and for you please feel free to contact us any time.