Real Estate Agent Resources Mortgages with Built-in Renovation Financing

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Real Estate Agent Resources Mortgages with Built-in Renovation Financing

Maybe the home you're listing is in the right neighborhood, but it needs work. Or, your buyers are hesitant to purchase an older home or a fixer-upper. Whatever the reason is, a mortgage with built-in renovation financing, like our Purchase & RenovateSM loan, may be the answer.


Our mortgages with built-in renovation financing, like our popular Purchase & Renovate loan, help buyers finance a mortgage and home improvements in one loan. Since buyers can use it to purchase properties in most any condition, this option can help you expand the property pool for your clients and generate more interest.

Features

One loan to purchase a home and make renovations or repairs.
Conventional or FHA 203(k) loan options.1
Available with a fixed- or adjustable-rate.
Includes a single-family, one-to-four units, second or vacation homes, investment properties, and condominiums.

Benefits
Post-renovation value. The loan amount is based on an appraiser's estimate of what the property value will be with completed improvements.
Lower monthly payments. Costs are spread throughout the term of the loan, so monthly payments may be lower than other financing options.
More choices. Your buyers can look at properties they may not otherwise consider.
Speed. Your buyers can start improvements right after closing. (Restrictions apply).
Tax deductibility. Interest may be tax deductible. (Homebuyers should consult their tax advisor about the deductibility of interest).
Considerations

Although FHA loans have the benefit of a low down payment, in many instances, FHA may be a more expensive financing option and should be considered after your clients thoroughly evaluate all other product options that meet their credit qualifying and financial needs.
Financing may not be available for luxury items, such as a pool, hot tub, or spa with all programs.
In most situations, this type of financing requires hiring a contractor for the renovations.
1. The Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development (HUD), offers a loan program for the rehabilitation and repair of properties. It is an important tool for community/neighborhood revitalization and for expanding homeownership opportunities. However, due to mortgage insurance requirements, FHA loans may cost more over the life of the loan than other home financing options.
Equal Housing Lender
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https://mortgage.wellsfargo.com/affinity/generateEGuide?guideName=Dream_In_Progress_Guide.pdf&cm_sp=Guide+PDF-_-Dream+In+Progress-_-NA

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