BUY & FIX WITH ONE MORTGAGE LOAN
Home buyers are always looking for a deal. In today’s market, the best deals can often be found by purchasing a foreclosure, a fixer-upper or a property that needs TLC. Homes that are in “move-in condition” typically fetch top dollar, but a property in need of repairs or cosmetic updates can be the bargain you have been looking for. But many prospective home buyers, especially first-time buyers, do not have deep pockets to afford a down payment and the costs to renovate a new home.
A Renovation Mortgage can be the perfect solution. A home buyer can obtain just one mortgage loan to finance both the purchase of the home and the cost to fix it up. And most appealing is that these loans do not require a large down payment. Renovation dollars are rolled right into the mortgage so it is an all in one loan with one low monthly payment and without a lot of money out of pocket. Additionally, Renovation Mortgages can be used to refinance your current home for someone wanting to stay put and looking for a way to finance that costly addition or repairs.
The list of allowable repairs ranges from minor cosmetic updates to major structural repairs or even additions. Every house hunter looks at a potential new home and thinks “I like this house, if only…” Imagine being able to turn those “if only’s” into reality and customizing your new home to your own taste. Ideas to update your new home can range from remodeling the kitchen and bathroom; new or refinished flooring; finishing a basement; taking down walls to enlarge rooms; updating the mechanicals like electric, plumbing, heating and air conditioning; a new roof or siding; repairing a well or septic system or hooking up to city services; making a house handicapped accessible… The possibilities are almost limitless.