Is the home you’re in love with a fixer-upper ? Renovation loans are the best way to turn a home that needs a little TLC into the home of your dreams. Since lenders won’t give you a $300,000 loan for a home that is only worth $225,000, it can take some creativity to bridge that gap. By obtaining a HomeStyle renovation loan or 203(k) mortgage, you can afford to make repairs and finance your new home.
Renovation loans help interested homebuyers purchase a home and make immediate home improvements. By adding the purchase price of the home and the costs of renovating it into a single mortgage to represent the post-improvement value of the house, homeowners can fix up a home without having multiple loans out at once.
Depending on the exact renovation loan that you obtain, a wide range of home improvements are covered. What can renovation loans be used to pay for?
When using a renovation loan, you typically have a window of 6 months to complete all of the necessary improvements after taking ownership of the home.
I am experienced in getting homeowners the best possible mortgage product for their situation. Since every client is in a different situation, I encourage you to get in touch and learn how I can help. Contact us today by calling 443-471-4310. I look forward to hearing from you!
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