Landing your ideal home doesn’t mean you have to sell your current property and invest in another. It also doesn’t take purchasing a move-in ready home in that prestigious neighborhood slightly outside your budget.
With a little imagination and the assistance of a Renovation Home Loan, you may be able to enjoy your new home on your OWN TERMS.
A Renovation Loan merges your vision and your current situation that may help you get into the home you’ve always envisioned. And you deserve nothing less!
Some homeowners, however, prefer the slow and steady method. Yes, you may have worked on various home projects over the years, but there isn’t anything quite like the transformation of a full renovation – and that’s what you’re able to do with this program.
Or, if you aren’t a homeowner yet, a Renovation Home Loan can also pave your way. This product will allow you to buy a home that needs a little attention, but is attractive to you because it’s in the neighborhood you desire.
Think about what a bathroom remodel will do to transfer the look and feel of a high-traffic area. Or, the joy you and your family and friends will feel when you host Thanksgiving dinner inside your newly upgraded kitchen and dining room. These are some of the more popular projects homeowners take on when they decided to upgrade their home. Even smaller-budget changes like landscaping, exterior improvements or window replacement can mean a world of difference, and are eligible projects under this loan.
A Renovation Loan comes in two forms for smaller projects: under $35,000, and major remodels that cost more than that amount. Some common repairs may include roof repair, exterior remodel, new appliances and other projects. The smaller projects fall under the Limited Renovation Loans, which are more streamlined and require less paperwork.
The standard option allows you to finance both the purchase price of the home and any the costs for renovations. This is a huge benefit because it allows the buyer to bypass a second, separate loan to finance the home upgrades. In addition, the loan amount is based on the future assessed price of the home, increasing your purchasing power.
As you plan for the future, and possibly a bigger family, a Renovation Loan may be the tool you need to build the comfortable, accommodating home you’ve always wanted and deserve. To learn more about your possibilities, please reach out to me today.
© 2018 American Pacific Mortgage Corporation. All information contained herein is for informational purposes only and, while every effort has been made to insure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions apply. Equal Housing Opportunity.
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