Purchasing Distressed Homes with a Renovation Loan!

HOW CAN RENOVATION LOANS HELP ME?

Most of our present listing INVENTORY consists of bank-owned properties. Many of those properties are in unacceptable "as-is" condition for traditional mortgage financing. Therefore, absent a renovation loan program, they may only be sold for CASH, usually at a substantial discount. The FHA 203K renovation loan program permits buyers to finance those homes in their present "as-is" condition with low money down.

WHAT IS A RENOVATION LOAN??

A Permanent Mortgage that provides funds for both Acquisition (or Refinance) and Renovation.

Loan includes:
The cost to purchase the property;

The cost to fix-up the property; and

Other cost such as consultant fees, mortgage payments during construction
period, permits, contingencies, etc..

After settlement the borrower can fix-up the property to modernize , repair, etc.

Loan amount is based upon what the property will be worth after it is improved. You may close "as-is".

For more info about distressed properties vist: www.GreenvilleHomeTeam.com