Renovation Loan Programs
How to turn that Fixer Home into a GEM!
Whether you are purchasing a home or refinancing, if you would like to finance to cost of home renovations into your loan, there are many programs to choose from. Now the real estate market is HOT right now, so buckle up for some competition on those nice looking homes. The days of multiple offers are back, especially on homes that are “turn key” ready. So you may be able to shift your focus to the, somewhat, less desirable homes that may be languishing on the market for some time. Now, before you write an offer on a property utilizing a renovation, you need to be very careful. Make sure a conversation is had with the listing agent BEFORE writing that offer. A renovation loan will take a longer escrow period than regular financing. You will need to obtain bids from contractors and there are a lot more hurdles to jump over for this loan. A 60 day escrow is recommended, but 45 days is not impossible.
If you already own a home, this loan program can be utilized through a refinance transaction. It is a very powerful program and gives you the ability to turn your home into your Dream Home!
For more information, please contact me, Craig Sutliff, Real Estate Consultant & Mortgage Planner at The GreenHouse Group. Cell: 619-857-4954. Email: Craig@GreenMeansGrow.com
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