remodel: Renovation financing meets demands in today's market
- 03/22/08 10:32 AM
With perhaps a still growing number of distressed properties for sale nationwide, the need for renovation financing stands out as one of the most needed products for today's changing Real Estate marketplace. There are many foreclosed properties available everywhere. Traditional loan programs not only require that utilities are on and working at the time of an appraisal inspection, but the appraisal is required to note deficiencies at the time of inspection such as leaky roofs, peeling paint, holes in drywall, and even major defects in flooring. Loans may be turned down if the property is deemed not to be inhabitable, and … (3 comments)
Renovation financing for homebuyers (owner occupants and investors) allows for the purchase or refinance and rehabilitation of a 1-4 Family home, with funds both for purchase and rehab all in one loan. The appraisal is based upon the value of the property after the repairs are done, with funds allocated within the loan to do the repairs.
With perhaps a still growing number of distressed properties for sale nationwide, the need for renovation financing stands out as one of the most needed products for today's changing Real Estate marketplace. There are many foreclosed properties available everywhere. ;)
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