Buying a Home that Needs Renovations
My realtor gave me your contact information, he showed us a home that needs extensive renovations. The bank that she normally works with doesn’t do any kind of renovation mortgages and they recommended calling you. You do these types of loans, correct?
The asking price is $640,000 and has been on the market for quite some time. We have not gotten a detailed bid for the renovations but am guessing $200,000. For us that would be much better than the price range we were looking at.
We were planning on putting around $200,000 and our combined income is around $180,000. We both have good credit.
We know that interest rates have gone up in the last few months but based on the saving in price range, and knowing that rates will drop, we want to purchase sooner rather than later. Can you help us?
A conventional renovation loan is the perfect solution for these clients. In speaking with their Realtor, she shared with me that the property will most likely appraise near $1 million dollars with the renovations completed. Yes, there is the inconvenience of not having the property ready for immediate occupancy, but the return on their investment will make it well worth the wait.
We have renovation loans available as conventional, FHA, VA and USDA mortgage.
Let me know if you want to discuss one of these mortgages for home improvements.