A Renovation Mortgage

may be just the tool everyone needs to build his or her dreams!

 Whether a purchase or refinance, this loan just could be the solution to your problems. Rates are only about .125% to .25% above conforming rates!!

For the Buyer:

Purchase or refinance a home and have the funds necessary to finance repairs or renovations.

Turn the property into your dream home! Finance the repairs or renovations to obtain the look and feel you have always dreamed of! Certain construction related costs can be financed such as property inspection fees, title update fees, architectural and engineering fees, independent consultant fees, fees for permits, fees for processing construction draws, etc.

For the Investor:

Use the Renovation for both the purchase and repair of those "best deal" properties that need a little work. Buy the property and use the Renovation to provide for complete rehabilitation of the property.

Resale of the property to a potential homebuyer is greatly enhanced if the property is completely rehabilitated and ready to move into! Plus, the loan is assumable!!

For the Realtor:

Renovation actually means the difference in getting paid a commission and not getting paid at all! No longer is a property in disrepair an automatic loser! Renovation will allow the buyer to create his or her own dream home from the diamond in the rough! Offering a property for sale with a repair proposal and Renovation financing will attract many more buyers. It will also help your buyers to make offers on homes that they might otherwise walk away from.

For the Contractor:

When contractors do repairs for a property being financed with the Renovation, they know the funds are already in escrow to pay them for their work!

Program Highlights

• The Renovation Mortgage loan is a conventional renovation mortgage product for either purchase or refinance transactions. Rates are approximately .125% higher.
• Available to owner occupants, investors, or non-profits.
• Loan amount is based on the "as completed" rather than the "as is" value.
• There are no required improvements, restrictions or types of repairs, nor minimum amount of repairs.
• Total rehabilitation costs can represent 75% of the as completed value of the property.
• Programs are fixed rate, fully amortizing and assumable.

Eligible Property Types

1-4 Family Principal residences, Single Family - Second Home, PUD's, Condos, and Single Family Investments

The maximum loan to value is based upon the lesser of-

1) The sum of the purchase price (purchase transactions or "as is" value for refinance transactions) plus the cost of rehabilitation and allowable costs OR

2) The "as completed" value of the property

Call me to see how this program will work for you or your clients. 1-888-660-2842.

Larry Morris is a loan Officer with Equipoint Financial Network in Newberg, Oregon. He specializes in relocations and Sherwood, Oregon neighborhoods and Yamhill COunty. He is a Board Member of the Sherwood Chamber of Commerce. He can be reached at larry.morris@equipoint.com . His website is www.PDX-Mortgage.com . This material is copy protected 2007 by Larry Morris, Mortgage News that Matters. All Rights Reserved His opinions do not necessarily represent the views of Equipoint Financial Network.

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