A house that brings back some of your childhood memories or maybe it reminds you of a story your grandparents once told you: is it worthy the cost?
The search for a new property to buy is never an easy hunt. Now imagine purchasing a single family one story home built in 1950's?
One of our recent projects in Dallas, Texas took us to a one story home built back in the 1950's, with three bedrooms and two baths, built on a pier and beam foundation.
1950's single family one story home
Through a Fannie Mae HomeStyle loan, it will first start by completely tearing down the detached garage and completely rebuild it.
Detached garage
Afterwards, the project will take a complete spin into fully remodeling the interior along with the kitchen and dining room and leveling the floors.
Kitchen
Dining Room
HomeStyle Renovation Loans can really boost the property value, allowing buyers to really transform their homes into their dream house, just like seen in this project. Just so we can have a conceptual idea of how much it can make a difference, in this particular project, after all remodeling is finished, the property will have a 44.14% increase in its value.
Check out below for more details:
HomeStyle Loan Numbers
Purchase Price
$279,300.00
Bid Amount
$200,434.00
Contingency
10%
After Improved Value
$500,000.00
Occupancy Guidelines for Fannie Mae HomeStyle:
Eligible Occupancy:
- Primary Residency
- Second / Vacation Home
- Investment Property
Note: The above eligible occupancy applies to standard loan limits as well as high balance loan limits.
Did you know this about Renovation Loans?
You can finance up to 6 months worth of mortgage payments into the renovation total if the property is a primary residence, non-habitable while the renovations are going on and if the property appraises high enough.