Renovation loans are not scary – More renovation loan options take the fear out of renovation lending
The above picture is of the classic movie home from “Nightmare on Elm Street”. Someone actually bought and renovated it – read about nightmare on elm street renovation.
We tend to help a lot of customers that have already met a “scary lender” who didn’t know the in and outs of renovation lending or simply didn’t have the expertise or products to back them up on execution. We have even saved a few deals from other “renovation experts” this year that just didn’t spend the time with the customer needed to alleviate the fear of the process up front and explain how the solution would work. Don’t get scared away from the renovation process. We have the time talent and resources to help you and your customers through the process.
We are enthused to work for the only company with the most comprehensive selection of renovation products that include both FHA 203k loans (streamline and full), both Fannie Mae Homestyle Renovation and Freddie Mac Renovation loans, as well as the only present company offering a true VA renovation loan. We control our own contractor draw process and have special processing for these loans to help aid in faster closings and a better experience for all involved. Most companies offer maybe two products and try to cram you into the product guidelines that fit their guidelines and not the customers needs. Sometimes it is with someone with little to no renovation process knowledge. It does not have to be a nightmare on Elm Street, Allow us to help!
Looking back on last year you know the Homepath loans have been put into the grave but don’t fear renovation like the night of the living dead. Homepath still offers incentives through their Ready Buyer programs and are perfect for other loan solutions. Read up on Ready buyer incentives and Homepath properties here. FHA 203k and FNMA Home-style are still here and been around since the late 70s. Also there are now VA renovation loans. Freddie Mac loan options have also recently opened the door for almost any renovation loan you need with the right lender to help every situation.
You can use these various renovation loan products for distressed sales as well as refinance tools. The best thing is that it opens up the possibility of renovation to Primary occupants, Second home and Investor properties on virtually any home not just foreclosures. Buy any home as is and get the work done after closing! See our renovation checklists and other home-buyer tips and checklists here.
We have a couple of examples below with pictures of recent home where there was preference work as well as quick closings on auction properties where we had to get the loan to close in as little as 13 days. We’d like to do that every time but know it’s usually about 33 days for a renovation closing especially with new TRID guidelines.
Please come back to the site often to see our projects. Renovation is far from dead and helping all kinds of folks get their dream homes ….. Don’t let your purchase or refinance be a Halloween horror night …. Call the John Adams Team for your next home loan and please forward our information to someone you know who could use our help!