A renovation mortgage is the KEY to unlocking your dream home!
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Many homes listed for sale today may not be move-in ready… at least not to your standards. But remember that childhood story about the ugly duckling? The ugliest duck in the group grew up to be the most beautiful swan. Houses, like people (and apparently ducks), can change! If you’re not happy with the houses you’ve looked at so far, you may want to learn more about a renovation loan.
For example, consider an “ugly duckling” house that’s currently listed for $250,000. Assume the house needs a $50,000 make-over to become a "beautiful swan," and that it would appraise for $300,000 or even more "as completed." You may be able to qualify for a mortgage loan based on that $300,000 after-improved value!
A renovation loan could help you turn the ugliest duckling of a house into the gorgeous swan of a house that you really want... all within a budget you can afford! Contact me to learn more and to explore your options.
PS: this can be used for a purchase of a new home or on an exsiting home you already own.
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Source: CMPS Institute
