As a Real Estate Agent sometimes you get that challenging deal that started out simple but after an inspection is going sideways. Have you experienced the following scenario? The inspection comes back and lists a number or repairs that the buyer wants and the amount or scope of which the seller doesn't want to do. So your deal is pretty much dead, right?
Nope, not one bit. You can save the deal by using a renovation loan. Most situations like the above require at least $5,000 in work or with little effort $5,000 of work can be found. If the Home is a personal residence 1 to 4 family then you have three loans available the FHA 203k Streamline, FHA 203k Full renovation, and the HomeStyle conventional renovation mortgage.
If the Property is a single family second home or single family investment property then the HomeStyle home improvement loan will work quite nicely. We've linked the blog posts above so you can see the details of each of these programs.
We offer FHA 203k Full Renovation Loans, FHA 203k streamline rehab loans and the HomeStyle Full Renovation loans nationwide so even if you've referred a client to another agent in another state we can close the transaction for you. Feel free to contact us with your scenario and we'd be happy to discuss the specifics on how we can close it for you.