Buying a Home that Needs Renovations

By
Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

home-renovation

My realtor gave me your contact information, he showed us a home that needs extensive renovations. The bank that she normally works with doesn’t do any kind of renovation mortgages and they recommended calling you. You do these types of loans, correct?

The asking price is $640,000 and has been on the market for quite some time. We have not gotten a detailed bid for the renovations but am guessing $200,000. For us that would be much better than the price range we were looking at.

We were planning on putting around $200,000 and our combined income is around $180,000. We both have good credit.

We know that interest rates have gone up in the last few months but based on the saving in price range, and knowing that rates will drop, we want to purchase sooner rather than later. Can you help us?

conventional renovation loan is the perfect solution for these clients. In speaking with their Realtor, she shared with me that the property will most likely appraise near $1 million dollars with the renovations completed. Yes, there is the inconvenience of not having the property ready for immediate occupancy, but the return on their investment will make it well worth the wait.

We have renovation loans available as conventional, FHAVA and USDA mortgage.

Let me know if you want to discuss one of these mortgages for home improvements.

 

Originally posted on RightTracFG.com

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comments (2)

Joe Jackson
Keller Williams Capital Partners Realty - Columbus, OH
Clintonville and Central Ohio Real Estate Expert

This is an excellent post with great information. Thanks for sharing it.

Have a super fantastic week!
Joe Jackson, Realtor-KWCP

Nov 14, 2022 08:53 AM
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

really important for clients to know this is available ! 

Nov 14, 2022 10:48 AM