{"id":19475,"date":"2013-05-24T13:14:44","date_gmt":"2013-05-24T13:14:44","guid":{"rendered":"http:\/\/203krehabnow.com\/?p=19475"},"modified":"2013-05-24T13:14:44","modified_gmt":"2013-05-24T13:14:44","slug":"renovation-lending-what-can-it-do-for-you","status":"publish","type":"post","link":"https:\/\/dev203k.orbitwebx.com\/dev203k\/renovation-lending-what-can-it-do-for-you\/","title":{"rendered":"Renovation Lending: What Can It Do For You?"},"content":{"rendered":"

 <\/p>\n

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The world of renovation lending <\/a>isn\u2019t a one size fits all type of business. Each loan is customized for each client\u2019s individual needs<\/strong>. I wanted to take a moment to show you some examples and give you a brief overview of some of the loans that I offer.<\/p>\n

First of all just to clear up a common myth, renovation loans are not just for short sales or foreclosed properties<\/span>.\u00a0 These loans can be used for ALL properties<\/span> <\/strong>and can be used for a purchase or a refinance!<\/p>\n

Remember not only can the loan be customized but the use of it can also be customized<\/strong>. What do I mean by this?<\/em> Well let\u2019s say you are selling a home <\/a>in need of repairs and you can\u2019t make them yourself \u2013 marketing the home as FHA 203k<\/a> eligible is the solution!!\u00a0 Maybe you are in the market to purchase a new home and just can’t find the “perfect, move in ready one.”\u00a0 Well once more purchasing using the FHA 203k loan or Fannie Mae HomePath <\/a>loan will allow you to purchase plus finance the cost of the repairs\/renovations<\/a><\/span>.\u00a0 Just because a home is a bit outdated doesn’t mean it won’t have a good bone structure so don’t just walk away when these loans are here to help!<\/p>\n

\"\"This home closed with missing windows, a damaged HVAC, an out of date electrical system and foundation issues!\u00a0 Purchase price was $111,000, total renovation was $54,200 and after improved value was $265,000.\u00a0 After closing all the required repairs were made and as you can image the homeowner made some elective repairs as well.\u00a0 There is no better time to renovate a home than before you move in!!<\/strong><\/p>\n

What if the home is priced above the FHA loan limit <\/a>but you still want to purchase and renovate? We can use the conventional loan called the Fannie Mae HomeStyle <\/a>loan. But it\u2019s not just for this\u2026sometimes you want to get out of mortgage insurance <\/a>so with a 20% down payment you can.<\/p>\n

Renovation loans are not just for home in need of repair\u2026they are also useful to take a perfectly good home and customize it to your liking<\/span>.\u00a0 In some cases just a fresh coat of paint or new carpet makes all of the difference.\u00a0 On that note, don’t forget just because you already own the home doesn’t mean you can’t refinance using one of these programs too.\u00a0 Let’s face it sometimes it’s just easier to remodel than to move altogether.\u00a0 Refinance using an FHA 203k loan or a Fannie Mae<\/a> HomeStyle loan to possibly lower your current rate and finance the costs of the renovation.<\/strong><\/p>\n

\"\"Here is a perfect example of a home that is in great shape but just needed the new owner’s finishing touch.\u00a0 The home was purchased for $153,000 and after all of the improvements it appraised for $170,000.\u00a0 The buyers financed about $16,000 worth of upgrades to\u00a0replace fixtures, update the kitchen counters and do some minor\u00a0exterior repair.\u00a0 Using the FHA 203k streamline loan<\/a> they were able to accomplish this in under 30 days!!<\/p>\n

Let\u2019s not forget about the HomePath loan that doesn\u2019t have mortgage insurance. Sure it\u2019s the only one of the bunch specific to Fannie Mae foreclosures but it and HomeStyle allow for investors!!<\/p>\n

Clearly there are a lot of options and it\u2019s my job to not only help you find the correct loan but walk you through the steps. Working with a renovation loan specialist is the key to making this a successful transaction. Call me today <\/a>and let\u2019s talk about the loan that would be best for you.\u00a0 Find out what Renovation Lending can do for you!<\/p>\n","protected":false},"excerpt":{"rendered":"

The world of renovation lending isn\u2019t a one size fits all type of business. Each loan is customized for each client\u2019s individual needs. I wanted to take a moment to show you some examples and give you a brief overview of some of the loans that I offer.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[67,69,147,70,62],"tags":[128,71,78],"class_list":["post-19475","post","type-post","status-publish","format-standard","hentry","category-203k-full","category-203k-streamline","category-fannie-mae-homepath-mortgage-programs","category-fannie-mae-homestyle","category-mortgage-programs","tag-fannie-mae-homestyle-rehab","tag-fha-203k","tag-fha-203k-streamline"],"acf":[],"yoast_head":"\nRenovation Lending: What Can It Do For You?<\/title>\n<meta name=\"description\" content=\"renovation lending and customizing the loan to meet the clients needs. using the fha 203k loan to sell or purchase a home. refinance using homestyle.\" \/>\n<meta name=\"robots\" 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