Give Your Home Style with the Homestyle Mortgage

Posted: January 19, 2012 in 203K, Fannie Mae, Gwinnett County Homes, Gwinnett Real Estate, Home Buying, Home Loans In Georgia

 

Housing

Image by james.thompson via Flickr

A Homestyle Renovation mortgage combines a home purchase or refinance with home improvement financing into one loan and one closing.  These loans can be used for investment properties, primary residences, or second homes.

With this renovation loan, you can do almost any type of repair.  For example, new paint, carpet, flooring, appliances, HVAC repair or replacement, siding, roof,or even add a pool.  I have found that investors love this program because it allows them to keep cash in their pocket and use the home loan to finance the repairs before renting the unit out.

If you are a real estate agent and have ever showed a property to a buyer that said “I love this house, BUT I don’t like the kitchen” or “I love this house, BUT I wish it had a back deck” or “I love this house, BUT ………..”, a renovation loan is for you. You can and will move more properties and help home values by taking advantage of a renovation loan.

Please let me know if you have any questions or comments.  I would love to help!

 

About the Author:  Chuck Walden (NMLS #148160) is a loan officer with Prospect Mortgage.  Email Chuck at chuck.walden@prospectmtg.com or call 678-725-8076.  Bonus: Click to get a free, no obligation preapproval. I love to work with my readers!

 

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