A Renovation Mortgage allows home buyers to finance renovations as opposed to having to pay cash out of pocket for upgrading their recent purchase. If you’re looking for a condo that needs a lot of work after closing, this loan program can provide the funds for renovations and repairs for a primary residence or for investment properties by using the “after improved value” with a single loan at closing.
For more info on FHA 203K or Homestyle Renovation Loans, click the following links for a breakdown of each program’s details from Jason Griesser at Guaranteed Rate and Jeremy Durkin at Trident Mortgage.
This is rare! I haven’t seen these loans in YEARS.
If a rehab loan sounds right for you, please call me, send smoke signals…whatever works best for you.
BHHS Fox & Roach Realtors