If you are in the market to purchase a home and you have been looking for a while, it comes as no surprise that many of the homes on the market are in need of repairs.
With the limited supply of available homes, many prospective buyers are being forced to consider purchasing a home that is in need of remodeling or repair. This is especially true when looking at a Bank owned property.
There are options available for the purchase and remodel of a home. The Federal Housing Administration or FHA offers renovation loans called 203K’s. These can be either a “streamline 203K” which allows for non-structural repairs up to $35,000 or a “full 203K” which is designed for repairs exceeding $35,000 or renovations involving structural changes. Fannie Mae also offers renovation loans under their HomePath and HomeStyle loan programs.
Basically, the idea behind a renovation loan is to combine the purchase or refinance of a home with the costs to renovate or extensively remodel the property. At closing, all funds for renovation will be escrowed in an interest earning account and paid out in draws as work is completed. Say you’ve found a home that has the basic requirements that your family needs but is in either a state of disrepair or just needs updating. These loans are a great way to get the home of your dreams.
Jerry Ballentine is a Mortgage Loan Originator at Bay to Bay Lending in Tampa, Florida who has over 20 years of lending experience. He has been successful in helping thousands of his clients with their financing needs. He believes that accessibility and communication are the most important areas to be concerned with and he can be reached day, night or on weekends to answer any questions you may have. His contact information is 813-549-7867 (office), 727-919-6820 (mobile), or via email at firstname.lastname@example.org. For more information, visit Bay to Bay Lending on the web at www.baytobaylending.com.
Whether you are seeking to purchase a new home or refinancing your current Tampa Mortgage, let us show you the way. Bay to Bay Lending is associated with the nation's unsurpassed pricing leaders. The Bay to Bay Lending team of Tampa Mortgage Brokers will make the mortgage process as simple as possible. We pride ourselves on offering a premier level of customer support and we look forward to getting you the best financing available.