Number of Renovation Loans Increase

Rehab - ReCasa Financial GroupMortgage Professional America recently published an article regarding the increase of renovation loans.   While the number of residential real estate loans is either decreasing or staying the same, renovation loans are rising.  Renovation loans allow present homeowners to update their outdated homes to fit their needs or purchase a home and finance the upgrades and repairs to a better condition.  There are important steps to take when it comes to renovation homes.

When buying a home that has gone vacant for many months or even years, be sure to get a property inspection up front.  This will help establish the needed repairs and estimates from contractors for the appraisal.  A home inspection prior to the appraisal will make the whole transaction go more smoothly.  Also, pay special attention to any structural defects that may require repairs as the FHA stream line 203k rehab loan is only for cosmetic repairs.  If structural repairs are required or planned, the standard 203k loan must be used, and that comes with a FHA administrator and added fees and rules.

If you are in need of a renovation loan up to $35k for a property with no structural repairs or changes, call Graham Montigny, CRMS at ReCasa Financial Group to apply, 614-309-0427.

ReCasa Financial Group   614-221-6770
NMLS #9722 OH: MB.803923.000 IN: 08-0038 LB  PA: Licensed by the PA Department of Banking
130 E. Chestnut Street, Suite 200 Columbus, OH 43215
Graham Montigny   NMLS # 195412   OH LO 002049.000     IN LO 195412     PA LO 35011