Homebuying: A Generational SnapshotAs we usher in the second Spring of the COVID-19 pandemic, we hope we’ll see a steady return to “normal.” Like other socioeconomic consequences
Exploring renovation loans
Dated: February 18 2021
With the available pool of hosuing stock dwindling in the Raleigh, Durham, and Cary markets, more and more buyers are turning to older homes. While many have larger lots, and mature landscaping, most havent been updated in decades, if at all.
More homeowners are seeking our renovation loans. Unlike buying a spec home, or a prebuilt new construction home, renovation loans allows the buyer to make ALL the decisions such as finishes, and architectual changes.
There are a lot of factors to consider when home shopping or remodeling. By including the cost of repairs in the mortgage, our renovation loan programs help you expand your options.
Guaranteed Rate’s dedicated, experienced Renovation Specialists and their teams provide:
- A singular focus on all the questions and information related to renovation loans
- Fast, clear communication to help you close your loan quickly
- Experience and knowledge to help ensure thorough property appraisals
Renovation loan options include:
- Property can be a single-family home or 2-4 units and must be a primary residence
- Ability to make required repairs plus optional improvements
- Down payment options as low as 3.5%
HomeStyle® Renovation Mortgage
- Down payment options as low as 3%
- All permanently affixed improvements allowed, including “luxury” improvements
- Property can be a primary residence, single-family dwelling, townhome, 1-4 unit multi-family dwelling, second home or single-unit investment property
How the renovation loan process works:
- Qualification based on income & credit
- Buyer selects property
- Initial underwrite and inspections
- Work Write Up or contractor’s bid
- Appraisal performed
- Final underwrite
- Closing package goes to attorney and title company
- The loan closes, a rehab account is created and funds are disbursed
- Renovations completed
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact one of our preferred lenders for current rates and for more information.
With a background in real estate since 1996 Ricardo earned his broker’s license in 2015 and quickly became both a top producer and a leader in his market center by working exclusively with investors....
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