Home renovation loans are great for homeowners and investors alike. You can make your home look just the way you want it with any of these products.
There is a lot of confusion surrounding renovation loans. Can you really borrow money to fix up your home and make it exactly the way you want it to be?
The answer is yes. There are some really great renovation loan products in the marketplace right now. For example, the FHA 203k renovation loan is a federally insured mortgage that allows you to use just 3.5% of your own money. You can also build in the cost of the rehab right into the loan.
Another renovation loan you might not have heard of is the Fannie Mae HomeStyle Renovation Mortgage. This program is for owner-occupants who want to fix up the home and live there.
If you are an investor, there is also a great product out there for you. You can use just 15% of your own money for the whole renovation, flip the house, and then resell for a profit.
We use a great company called Prospect Mortgage, one of the largest renovation loan providers in the country. We would be happy to refer you to them.
In fact, Carbutti & Co. Realtors will be teaming up with Prospect Mortgage to provide an informative seminar for people looking to buy a home. This seminar will help potential home buyers understand some of the in’s and out’s of the home buying process that you might not be aware of if you have never gone through this complex process. Click here to register for that seminar on Tuesday, December 6th from 6:00pm-9:00pm.
If you want to find out more about these renovation loans, give me a call or send me an email. I would be happy to help you out!