From foundation to fabulous you should get what you want
In the new renovation era, most customers are doing more and more preferential work than required repairs.You should try to get all of the work you are thinking about getting done up front in one simple transaction. In your bid process write down all of your “wants” so you can comparison shop an apples to apples quote with your contractors. Too many times I have had customers come back to let me know that they wish they would have done more in their projects where they had just tried to get by with the minimal compliance items for their renovation. On average the consumer will spend between 5,000-8,000 in improvements and appliances within the first year of ownership regardless of loan type. Why take more money out of pocket when you could use this in the entire project and keep more cash on hand and get a tax deduction from your mortgage?
John Adams Team comes through for a customer in need
We recently closed a loan this month where the buyer had been through 3 other lenders. The contract had amazingly been extended by a REO bank since the first of the year. We took this loan from other companies trying to cram this into a FHA loan when it should have been a FNMA Homestyle loan. When we closed this loan in 30 days the borrower cried at the table as she was so frustrated with other lenders and couldn’t understand how we made it so easy. The truth is we couldn’t do it without all of the people we have here on the team behind the scenes. Many folks ” have the program” but very few specialize in renovation. we are set up for success for construction and renovation loans. Please consider us in your next qualification.
Read more about renovation loans here.