Can I do a renovation loan after another renovation loan?

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Can I do a renovation loan after another renovation loan?

Quite often a buyer will do the "bare minimum" renovation on their new home which is likely a mistake in the first place. Then after a year or so and the rest of the worked they thought they would do just never got done. Wow, so many times, they get busy with their lives and just don't find the time to do all they planned. 

Surprise, surprise. Actually it isn't a surprise at all. They were likely counselled on this very thing happening. We see too many times that the clients either have extra money and try do do other work that gets in our contractor's way during the process causing great delay in getting the scope of work completed as they are "in the way". I have one right now in Santa Rosa where the contractor allowed the borrower's to do some of the work... Not a good idea. Now the contractor has confessed his sin and is complaining that he would have been finished long ago but they aren't gettting their work completed. I just told him it never was "their work" it always was "your work" and you are getting a bad name with this lender because you are taking way too long to get the work completed in their eyes.

Back to the question at hand...

Yes, you can do a new project provided it is for completely different work. So now you want to make that room addition to accommodate the new baby. Sure, you can do another 203k or possibly a more favorable HomeStyle® Renovation Mortgage that has no PMI if you qualify. 

We actually have a number of clients who use our services about every 2-3 years either to fix their home or move and buy another one.






Posted by

Mike Young, 203k Team Leader    Mike ready for your 203k order

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