Basic mortgage facts regarding Financing with a Renovation Loan
Another type of mortgage is a renovation loan. This loan is used when purchasing and renovating a fixer upper or improving a home you currently own. Our renovation financing options can help you create your dream home now and pay for it over time.
Whether it is a small or large project, we can help you finance your vision. Renovation lending creates opportunities for buyers, sellers, and real estate agents that simply do not exist with traditional lending products.
There are many advantages of renovation financing including:
- Both purchase price and renovation costs lumped into a single monthly mortgage payment
- Appraisal is based on After Repaired Value, Can close on almost any home in any condition
- Change a home’s Certificate of Occupancy from a 1 family to a multi-family or vice versa
- Potential for home equity appreciation upon upgrade completion
- No need for a second mortgage or use of high-interest credit cards
- Great solution for those looking to personalize a home, especially in markets where inventory may be tight
- Variety of renovation programs available to meet distinctive repair needs, goals and various scopes of work
For more information contact Barry Koven (NMLS #404510) a top producer in his market and can be contacted at www.barrykoven.com, email barry.koven@myccmortgage.com or 917-597-1330.
