Renovation Mortgage Loans such as the FHA 203k and the Fannie Mae HomeStyle are so exciting that we just can’t keep some of the recent projects to ourselves. It’s been a busy April and we just had to share some success stories. The possibilities are endless and with some vision as well as one of these great loans a lot is possible!
Location: Fort Worth, TX
Refinance Transaction
Renovation Total: $85,641
After Improved Value: $250,000
What did they do…
Ever started a project and realized you were over your head? Well that’s exactly what happened to this homeowner. A year later they realized that they had only been able to cross off a few items from their desired list of changes on their own. Time to search out a contractor and a renovation loan program. They found the FHA 203k rehab loan and we were able to refinance their current loan adding funds to complete their desired and required scope of work:
- Foundation Repair
- Paint interior and exterior
- New porch addition
- New entryway
- Moved a partition wall to open the kitchen and the breakfast area
- Overhaul the laundry room and master suite
- New kitchen appliances, cabinets and finishes
If the idea of competing in today’s fast moving market with little inventory, than why not consider renovating your current home. The above project will be a freshening up and expanding out of the existing space. Same great neighborhood, location and house! Can’t wait to see the finished project!
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Location: Dallas, TX
Purchase Price: $185,000
Renovation Total: $56,244.50
After Improved Value: $254,000
What did they do…
This couple was bursting at the seams…literally. Having outgrown their little duplex now that a little one was on the way, they needed more space. Using the Fannie Mae HomeStyle Renovation loan they were able to purchase, renovate and tie it all to one loan with construction beginning shortly after closing. Here is a run-down of what they are doing to this home:
- Minor foundation repair
- Bring the electrical up to code
- Fix various water leaks
- Install hard wood floors throughout the common areas
- Pain the entire interior
- Update the kitchen cabinets, appliances and upgrade to granite counters
- Install a new HVAC in the upstairs since the current one is too small
As you can see this home is going to have an entire new kitchen with some other mandatory items being replaced/repaired. And, yes, they were able to roll in the foundation repair! Can’t wait to see the pictures of this renovation and their new addition to the family.
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Location: McKinney, TX
Purchase Price: $90,000
Renovation Total: $85,970
After Improved Value: $188,000
What did they do…
We had so much fun with this couple who were also first time buyers. They fell in love with the historical district of McKinney, TX and decided this is where they wanted to purchase their first home. Only issue is that a lot of those homes need some TLC. Luckily using the FHA 203k renovation loan we were able to help! The home was charming home but when they are done it will be not only restored but a great place to raise a family! Using the FHA 203k loan they purchased and were able to finance the following:
- Extensive foundation repair
- New roof with a new chimney and fireplace
- Removed back porch and replaced with a new deck and pergola
- Painted the interior and exterior
- Installed new doors
- Constructed a new garage which connected to the home via a breezeway
- Opened the kitchen in the rear of the home and constructed a new laundry room
- New appliances and cabinets in the kitchen
- New wood floors
- Brought electrical up to code
- Updated the bathrooms
It just takes a little vision and a great renovation loan to bring all of this together. We can’t wait to see the outcome of this newly restored home!
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Location: Dallas, TX
Renovation Refinance
Renovation Total: $70,000
After Improved Value: $262,000
What did they do…
Here is one of the stories we hear a lot…the homeowner started with a mortgage company who was unfamiliar with the renovation loan process. After a frustrating month of getting nowhere with them the homeowner decided to search out another company. Luckily they found us! We quickly got them set up with the Fannie Mae HomeStyle Renovation Refinance loan. Their home was great but their family recently grew and they, like so many others unable to find that perfect home to purchase, decided to stay put and renovate. Here is what they were able to accomplish:
- Foundation repair
- Construction of a new child’s bedroom
- New roof
- New fence with automatic entry gate
- New garage
- Interior and exterior painting
- Updated landscaping and a new sprinkler system
- Updated the existing bedrooms and bathroom to make more current
- Brought electrical up to code
- Installed a double sided fireplace between the kitchen and the living room
Needless to say the homeowners were thrilled to close and get the project started. It was such a pleasure to work with them and it definitely goes to show how working with a lender well versed in renovation lending does pay off! The end result will be exciting to see!
Give us a call to be one of these success stores. From Conventional to FHA – Purchase to Refinance – We have a renovation loan for you!