Financing REO Properties Part #2
Before you read any further please refer to Financing REO Properties Part #1.
If you are ready to purchase reo properties then this may be the loan program for you. This loan program will allow you to basically tear down the reo home and build it again from the ground up. If you are ready to search for homes now without having to worry about it being in the perfect condition, this is the way to go. Here is a brief description of the Renovation Loan program.
It is NOT:
- Just for blighted properties
- Just for low income borrowers
- Just available in the Inner Cities
- As complicated as you may think
I IS:
- For any house where the borrowers wish to make changes
- Available to all income level borrowers
- Available on almost any property type
Renovation Loans
Buyers receive the money to purchase or refinance and the money to renovation in one seamless transaction.
- One application
- One approval process
- One closing
- One monthly payment
Typically a lower interest rate and lower payments than financing through home improvement or home equity loans or through use of credit cards. This program is not marketed by a lot of lenders but I just happen to have a good friend who keep me up to date on all this stuff. If you'd like her contact information just shoot me a line.
Tomorrow we will be discussing what type of products are offered by lenders who offer this loan. Again, this market will continue to have reo properties allowing you yet another way to buy. Make sure you explore all options in reference to financing reo's before you cheat yourself out of the home you really want.
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