Have you toured a home recently that you would love to purchase but feel it needs repairs and/or renovations?
No Problem. Plaza Mortgage Home Services Lending has various programs that allow you to finance the purchase price of the home PLUS the cost of repairs/renovation all in one seamless transaction. Your loan amount is based on the "after-improved" value of the home. With a low down payment you can do almost anything you want:
- Update the kitchen and bathrooms
- Install new carpet or flooring
- Upgrade the electrical, plumbing, or heating and air systems
- Replace the roof, siding, or windows
- Finish the basement or add on a deck
- Make any repair or renovation that makes this house fit your needs!
The Conventional Renovation Mortgage guidelines include:
- Up to 95% loan-to-value
- Owner occupied, 2nd homes, and Investors
- 1-4 unit properties
- Fixed rates and Adjustable Rates
- No age restrictions on the property
- Partially completed homes allowed
- All work is completed after loan closing
- Up to 9 months allowed to complete the work, depending on the scope of the project
- Total renovation costs can not exceed 75% of the after-improved value
- Luxury items,such as pool, are allowed
To learn more about these great programs, please give me a call.
Source: Niki French Renovation Mortgage Specialist
Plaza Mortgage Services
www.frenchrenovationteam.com
