New Home Loan Program Includes Remodeling Expenses

By
Real Estate Broker/Owner with Crossroads Real Estate LLC


Wells Fargo has teamed up with Lowes, Home Depot and Sears to introduce a new, simplified loan program focusing on homes in need of repair.  This new program has many key features setting it above and beyond similar repair and remodeling loan programs.  Some of the advantages include.

  • Mortgage amount based on "after improved" market value.
  • Remodeling costs are paid for over the life of the loan.
  • Make only one monthly payment.
  • Much lower interest rates than a charge card.
  • No need to pay high fees for a loan escrow account.
  • Repair and remodeling costs up to $35,000.
  • All the work is completed after closing.
  • For all types of homes from foreclosures to 1 year old homes you want to add your personal touches to.


Following is a partial list of items eligible for this program.

  • Roofs, gutters and down spouts
  • HVAC systems
  • Plumbing and electrical
  • Kitchen and bath remodeling
  • Weatherization, doors, windows, insulation'
  • Appliances, stove, refrigerator, dishwasher, microwave, washer, dryer
  • Exterior decks, patio and porches
  • Exterior siding
  • Handicap accessibility
  • Basement finishing and remodeling
  • Basement waterproofing
  • Fencing


Work must begin within 30 days and finish within 4 months of closing.

Closing cost range from $1400 to $1850. 

All work must be performed by a preferred contractor. 

Call for additional information or a referral for a Wells Fargo loan officer.  This program is perfect for foreclosed homes and short sales, requiring repairs after closing. 

Dennis Herman
Realty Executives Elite
N89W16416 Main Street
Menomonee Falls, WI 53051
Phone 414-426-1784
Email:  DHerman@Ez1Realty.net
Web Site:  Ez1Realty.net

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Phone: 414-426-1784  Fax: 888-645-2580

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Linu Abraham 02/11/2010 01:32 AM
Topic:
ActiveRain Community
Location:
Wisconsin Waukesha County Menomonee Falls
Tags:
wells fargo
lowes
home depot
new home loan program includes remodeling expenses

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Rainer
71,882
David Obbee
Obbee.com - Agoura Hills, CA

Dennis: Thanks for sharing- what a wonderful program!  I can especially see its utility in neighborhoods that have been hit hard by abandonment due to foreclosure.  If more lenders implemented such ideas, we might be able to really reduce urban blight.

Feb 11, 2010 01:21 AM #1
Rainer
112,087
Cari Anderson
Danville, CA

Dennis - Thanks for posting.  This is a great loan for houses which need a little TLC.  Is this a new program offerd by Wells or is it the 203K streamline?  Thanks - Doug

Feb 11, 2010 01:26 AM #2
Rainer
16,898
Linu Abraham
Rockland county Real Estate LLC - Nanuet, NY
ABR, SFR

Dennis: Thanks for the info. Its really worth to know programs like this in this market where lot of foreclosed homes are on sale. Is this similar to FHA 203 K where you have to PMI even if you put more than 20%?

 

Feb 11, 2010 01:28 AM #3
Rainer
109,207
Ron T. Weems Jr.
Weems Property Group | KW North Sound - Bothell, WA
Managing the details one home at a time.

Great idea Wells Fargo. Dennis, thanks for the post. I have a Wells Fargo lender, who didn't even tell me about this. I will ask her today about it.

Feb 11, 2010 01:30 AM #4
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