There are no shortage of media stories about the limited number of homes available for sale in most markets. Buyers are still plentiful in the market so the question becomes, how do we find them the right home? Well, maybe the cure for limited inventory is simply find a home that isn't quite suitable as is. I am not suggesting that a buyer settle for something that they don't want, but with the many renovation loans available, they can have the home of their dreams.
There are several renovation loan programs available in the marketplace. They are:
FHA 203 (k) Streamline
FHA 203 (k) Consultant
Homestyle Renovation
Homepaht Renovation
These loan product allows for the costs of repairs, improvements, appliances, etc. to be built into the financing of the home. Repairs such as:
Carpeting
Cabinetry
Heating/Air Conditioning units
Painting
Roof repair or replacement
Windows
Appliances
In this lending climate, not all buyers have cash to pay for a home that needs repairs. It is a catch 22 situation. There are some great deals on homes at very low costs, however, in the current condition will not qualify for financing. These financing programs give buyers more choices.
For more information about renvoation loans please feel free to call me.
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