Renovation Financing?

Did you know that Wells Fargo has a Renovation Financing division?  Well, aparently they do.  I recently had the opportunity to sit down with their "go to" Loan Officer covering Palm Beach County -- his name is Robert Zuckerman.

Background
When someone purchases a home, often times the Buyer's lender will not consider financing the property if it is in disrepair.  For instance, if the property needs a roof, kitchen, certain appliances and etc., the lender may balk at financing the project.  While the FHA has the "203K" program which is an excellent product for certain renovation type purchaes, it has its limitations.

Wells Fargo's Program(s)
While Mr. Zuckerman could find you an FHA 203K Loan, the real benefit to the Wells Fargo product is that you could obtain 80% financing for a property that is in dire need of renovation.  For instance, Mr. Zuckerman explained to me that he was recently able to provide an 80% Loan to Value mortgage to a Buyer who was purchasing a house with no kitchen (literally), no water heater and "challenged" air conditioning.  The loan took around 2 months to close and the Buyer has since moved in and begun the process of renovating his new home. All this is being done WITHOUT monthly mortgage insurance!

So, if you know of anyone who may be looking for a renovation mortgage, who is not considering the FHA 203K loan, Mr. Zuckerman may be a good contact for you.