Renovation Loans…They Work!
Would you like to buy a fixer-upper home and do all the repairs to build some sweat equity? Most people shy away from these either because they don’t have the skills to do the work or because they don’t have the money.
A renovation loan can solve both of those problems. A renovation loan allows you to purchase a house that won’t qualify for a normal mortgage because it needs too many repairs. You build in the cost of repairs to your mortgage and then repair it or have it repaired after you buy it. That way you end up with the house you want, fixed the way you want, and it’s usually worth a lot more than you paid for it.
The above photo is from the window of a young couple that purchased a run-down foreclosure a couple years ago. They saw they potential even though it had been passed up by many buyers over many months. They bought the house did the repairs, built in an apartment and now own a home that is worth more than 2X what they purchased it for and the renter pays most of the mortgage to boot! That is creative real estate!
Here are some foreclosures that might work for this program.
We have helped lots of people get into homes using renovation loans. Most lenders and most Realtors stay away from these types of transactions because they are a lot of work.
But we will help you. Just send an email or call.