Special offer

“A Conventional Renovation Loan Product is available”

By
Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

“A Conventional Renovation Loan Product is available”

 

 

Hey Joe,

We found a home that is of interest. The home needs some work which doesn’t bother us, but the listing agent told my agent that the seller will not accept an FHA 203K loan, as their previous deal fell apart that was FHA. Is there another loan product that we could go with and still get the dollars for the renovations?

 

An alternative to the FHA 203K loan is a conventional loan product which is the Fannie Mae Home Style loan. Minimum down payment is 5% of the purchase price and renovation costs. The majority of the guidelines are very similar to the FHA 203K counterpart.

 

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Joe. There are times, many times, when the experience and variety of product a mortgage broker offers pays off in a successful transaction.Enjoy your day.

Jan 03, 2022 04:28 AM
Sham Reddy CRS
Howard Hanna RE Services, Dayton, OH - Dayton, OH
CRS

Thanks for sharing Joseph!!! Its a great product like FHA 203K

An alternative to the FHA 203K loan is a conventional loan product which is the Fannie Mae Home Style loan. Minimum down payment is 5% of the purchase price and renovation costs. The majority of the guidelines are very similar to the FHA 203K counterpart.

Jan 03, 2022 04:32 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Funny how people are so fearful of FHA.  Well, it's back to the grind.  Have a productive week!  Thanks again for the post.  Enjoy your Monday. bill

Jan 03, 2022 05:00 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Unfortunately for many buyers there are not enough homes available for them to even use this option

Jan 03, 2022 05:48 AM