Finally. More and more home buyers are discovering the benefits of homeownership using a Rehab or Renovation Loan. Why buy a home that isn’t exactly what you want? You shouldn’t. Why settle for an outdated kitchen? You shouldn’t. If you’re an investor, why use your own funds to repair the problems with the property you are buying? You shouldn’t. What if you could replace all of the kitchen appliances, paint the interior, and replace the carpet in your mortgage? You can. 
There are several types of renovation loans that work with most home purchases. They all have the same benefit to the buyer. Finance in repairs, remodeling, and renovation into one loan. The main three types of renovation loans are 203K, HomePath Renovation, and Homestyle. They are each different but the end result is the same. A happy homeowner with a house they are proud to call home.
Another added benefit is that the new home will appraise for more than the purchase price. This increases home values in neighborhoods which I know all of us appreciate.
If you are an agent or buyer and interested in an easy cheat sheet, email or call me anytime and I’ll send it to you. This program benefits the homebuyer, the agent, and the community. A win win for everyone involved.
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. Website is www.ChuckWalden.com
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