Renovation loan - Help buyers make a home they like, the one they love!
How many times have you shown a great house to a buyer, only to have them dislike appliances, the paint or the carpeted bathroom that should be tiled?
This happens all the time! Carpet and paint allowances rarely work, sellers will not make improvements to the buyer's specifications because the buyer doesn't always close the escrow.
First Choice Bank has your solution! The Renovation Revolution has begun.
Your buyer can now finance the improvements they want to have. For example, you have shown a house on the perfect lot, with the perfect floor plan, but the buyers dislike the tile on the kitchen counters. You as the real estate professional tell them to look into a renovation loan.
How does it work?
The process takes no longer than a traditonal escrow. In the above scenario, the buyers get bids for new countertops. The bids are obtained during the escrow period. An appraisal will be completed that reflects the future value of the home (with new countertops). The renovation or improvements are financed into the new mortgage! This keeps more money in the buyers pocket and keeps them from incurring credit card debt or dipping into their nest egg to complete the changes later.
Aside from the convenience factor, the best part of this innovative loan program is that rates are competitive and the buyer doesn't have to worry about refinancing down the road to get out of an overpriced product.
The contractor they choose have 45 days to complete the improvements AFTER closing. When escrow closes, the real esate professionals and sellers get their money and are out of the picture. First Choice Bank works with contractor and the new home homeowner over the next 45 days, no escrow holdback.
This loan can be used to purchase a home or refinance and make improvements to your current home.
Contact me today 760.420.5498 or Troy.huerta@fcbmtg.com to learn more about helping your clients buy and customize the home of their dreams!
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