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, 2^nd 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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While buying a house is a process you will only have to deal with only a couple of times in your life, as a licensed Realtor, I am prepared to answer all your questions and provide the best guide for each situation, so please dont’e hesitate and contact me.

The 5 things you need to know before you buy a house are as follow:

1. You can shop around for a mortgage, check with your bank and mortgage companies you are familiar with
2. Interest rates are fixed for 30 years (this means that the total of your principal and interest payment won’t change in the duration of your loan)
3. Property taxes and home owners insurance are added to your monthly payment and managed by your loan servicer on an escrow account (HOA can be included here as well, Home Owners Association fee)
4. If you declare your new home as your primary residence, you can request for some discount on your property taxes through “Homestead”
5. Your paid mortgage interests can be deducted from your taxes

If you have any question about the home buying process, call me at 813 446 2003

Clarisa Moody – Realtor

If you like this blog entry, make sure to subscribe to my Newsletter and you will receive interesting information about Real Estate, finances and home management.