If you’re a first time homebuyer, you’re probably unaware of renovation mortgage loan programs. Or even if you already own a home and want to make improvements, this may be the loan program for you.
This is one of those homeowner money saving secrets that is “hiding in plain sight.” And, it applies to both new homebuyers AND existing homeowners who want to renovate.
The “secret” is something called a renovation loan program, offered by Fannie Mae and the Federal Housing Administration (FHA).
These loans save borrowers time and money.
Renovation loans let homebuyers and homeowners finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single affordable mortgage payment. An example might be renovating a kitchen or a bathroom immediately before you move in. Or, refinancing to lower your rate and adding another bathroom to the home.
In either case, the cost of the renovation must be at least $5,000, and the total value of the property must still fall within the mortgage limits for the area.
- DEFINITION OF RENOVATION LOANS -
Renovation loans are a single loan transaction that:
- TWO RENOVATION LOAN PROGRAMS -
Benefit of the Renovation Loan: To USE SOMEONE ELSE’S MONEY and roll it into one, affordable longer term loan.
My company offers first time home buyer help, as well as the very best mortgage lender knowledge for anyone looking to buy a home in today’s market, or for people who want to renovate. Our clients save an average of $10,000 when using the Mortgage Fee Coach service versus finding the lender on their own.
Call us at (949) 484-6332. The first 15 minutes are FREE. OR email to email@example.com if you have questions. The first two replies are FREE.