“What if the home of my dreams in the location I hope to live in needs repairs? What if my lender says I qualify for a loan, but the home I want does not.” This is a question I heard recently.
The above question can be answered with a happy, “You need a renovation loan!” With renovation financing, you get a loan that covers both the repairs and the cost of the home. There is one application, one closing and one monthly payment. The repairs are made after closing. This is not too good to be true. This is good and true!
What is the down payment for buyers looking yo occupy the home? With FHA, it is 3.5% on the whole package. You are looking at 5% down if you go conventional. Investors would need 20 to 25% down. Yes, investors can use renovation loans also!
How? Please call The Naisbitt-Bagley Team at ERA Realty Center today to find out the details at 435-865-1019 or email firstname.lastname@example.org. They would love to use their experience and expertise to help you make all your real estate dreams a reality.