SunTrust Mortgage is now offering a great new loan option that allows you to add additional money in your home loan for house renovations, completing construction, remodeling, or just updating,.... you name it!
This is a highly needed and timely new loan product for our market due to the high volume of distressed properties available right now. Using a loan such as this, allows buyers to purchase distressed homes or unfinished construction and finance the needed repairs.
- This financing allows you to purchase an existing home and include the renovation costs based on the home's increased value after the improvements are made. There is just one application and one closing... very simple.
- Renovations can include existing homes, new homes (that may not have been completed by the builder), and even tear downs.
- This loan is available on primary and secondary homes. A down payment of 25% is required and a maximum of $1 Million may be loaned.
- The work must be completed in a specified time frame, bids for the work are required and money is held in escrow until the work is complete.
CALL ME if this sounds like an option you are interested in pursuing. There are so many great buying opportunities right now.
This new Renovation Loan may be your answer to making that great purchase you've been waiting for!
Now let's go house hunting!!
Melanie Gurley, Keller Williams Realty Atlanta Partners
Cell: 770-596-5965
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