Homestyle Renovation Mortgages

Foreclosed Property + Home Renovation Loan = Winning Proposition

Did you know there is a renovation mortgage program that offers a great solution for homeowners and buyers who want to do home renovation.   With today high foreclosures in the Myrtle Beach area, you can purchase a home far below the market value for the home.  Many times the home was ransacked before the previous owner moved out and there is a lot of work that needs to be done to bring it up to the market value of other homes in the neighborhood.

The Federal Housing Administration and Fannie Mae have renovation mortgages that allow you, the borrower, to borrow against the expected value of the home once the home renovation is complete.  This can be done by refinancing an existing mortgage which includes the renovation costs or by adding a second mortgage onto the home.

This type of loan differs from a credit line in that they require the borrower to demonstrate that the money was spent on home renovations.  You would need to hire a construction consultant that would then assess your home and draw up specific plans.  As the work is completed, you would need to demonstrate to the lender that you have done what was stated in the plan.  The loan does not require that a consultant do all of the work, simply that they do an initial and final inspection.  You have up to six months to complete the renovations and up to five draws during the home renovation project.

With a Home Renovation Mortgage you can:

• Make home repairs or add to your home
• You receive the benefit of the appraised value after the work is completed
• Choose from a variety of rates and terms
• Have the convenience of monthly payments

Myrtle Beach Home Services can help you with the home.  Whether you need a handyman, plumber, roofer or painter – we are here to help you all the way.  We also work with several construction consultants if your need a recommendation.

Are you in the market for a great deal on a foreclosed home?  Give JP Real Estate Experts a call at 843-839-9870.  We have worked with them in the past and they are a great resource.

Myrtle Beach Home Services
843-282-2081
Your Home Renovation Specialists

 

Tags: Construction Consultant, Construction Consultants, Existing Mortgage, Fannie Mae, Federal Housing Administration, First Citizens, First Citizens Bank, Five Draws, Foreclosed Home, Foreclosures, Great Solution, Handyman, Home Renovation Loan, Home Renovation Project, Home Renovations, Home Repairs, Mortgage Program, Myrtle Beach Area, Plumber, Renovation Costs, Renovations, Roofer, Second Mortgage

Category: Home Repairs