04/03/2023
Hey, hey, everybody! Ever heard of a Renovation Loan, aka 203K Loan? It's kind of a secret in the mortgage industry. If you are looking to buy a fixer-upper, this may be the loan program for you! Please click on the link to apply!
https://apply.usa-mortgage.com/dr/c/s9a6c
Realtors, please contact me if you would like to find out more about how a renovation loan could help you secure more sales and help your clients get the house they always dreamed of without forking out $1,000's of their own cash on repairs.
Contractors, plumbers, electricians, the 203k loan can help you secure more jobs. Please message me and ask me how!
Renovation Loans
The purchase of a house that needs repair is often a catch-22 situation, because the bank won’t lend the money to buy the house until the repairs are complete, and the repairs can’t be done until the house has been purchased. An FHA 203K Renovation Loan or the Fannie Mae Home-Style Renovation Loan are options used to fix-up, repair, or renovate homes. The Renovation Loan allows access to a government-backed loan program for needed funds and Home-Style Conventional renovation program is done by private investors and follows conventional guidelines. Think of these as a one-time close construction loans. At closing, the seller receives their money, and the rest is put into escrow for the buyer to use for rehabbing the property. Each program has its respective advantages, and either could be right for you.
