Loan Program of the Month
Money for Purchase and Renovations!
FHA 203(K) and Fannie Mae HomeStyle
If you can’t find a place that’s affordable and move-in ready, it maybe time to look into buying a fixer-upper.
With these programs you can you buy and renovate a fixer-upper home with one loan, and repairs begin immediately after closing.
– You can get a renovation loan that combines the purchase price with the cost of improvements. And you can begin renovations right after closing the loan.
– The money can be used for major structural repairs as well as for cosmetic renovations (or a combination).
– All renovation work is done after the loan is closed, not before.
– If you can’t occupy the home during renovations, you can add up to six months of mortgage payments to your loan amount so you pay the mortgage on the new house while you’re living elsewhere.
– Renovation money is set aside in an escrow account, and contractors are paid in draws when they hit milestones in their work.
– Minimum required down payments are based on either the total cost of the purchase plus renovations or on the expected appraised value of the home after the work is completed. Each loan uses a formula to decide which to use.
Talk with Loan Officer (626) 701-4159