ReCasa Financial Blog
Mortgage 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to update their outdated homes to fit their needs or purchase a home and finance the upgrades and repairs to a better condition.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
The post Number of Renovation Loans Increase first appeared on ReCasa Financial Group.
Comment Section
