Most of the mortgages or home loans require the house you will buy to be in move-in ready condition and sometimes on the search you quite not find the house that HAS ALL you want and need; there is where the renovation loans get handy and allow you to buy the house you want (regardless the condition) and include in the loan the renovation costs, to make it your OWN DREAM HOME.
The most common renovation loans are the FHA 203K Renovation program and the Fannie Mae “Homestyle Renovation”. The common denominator of these loans is that they finance the acquisition of the house and the renovation costs, and can even include permits and inspection costs. The down payment is LOW and you can buy a first home, 2nd home or even an investment property.
Are you looking to get pre-approved for a renovation loan? Give me a call and I will introduce you to an expert in renovation loans who will guide you through all the process. Together we will achieve your dream of home ownership.
Clarisa Moody
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