This hot Texas Summer has been filled with lots of people purchasing their homes using a great renovation loan. Renovation loans are so versatile that they can be used for purchases, refinances and even singular items. Let me share with you some examples of some recent projects and how the loans can vary.
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Location: Sachse, TX
Purchase Price: $131,000
Renovation Total: $10,550.00
After Improved Value: $150,000
What did they do…
This first time home buyer found a great home but quickly discovered foundation issues. Being that is was a HUD owned property, this is not uncommon but very easy to fix. Along with that he just wasn’t a huge fan of the blue clouds in the bedroom. Luckily for him he was using an FHA 203k loan and was able to complete all of the foundation work as well as the minor updates in conjunction with his purchase.
Project included:
1) Exterior work included the removal of all rotten wood and peeling paint
2) Replace exterior doors that are not functioning
3) Bring electrical up to code
4) Repair minor plumbing issues
5) Major foundation work – installed 32 concrete pressed piers
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Location: Lake Dallas, TX
Purchase Price: $99,950
Renovation Total: $9,881.00
After Improved Value: $110,000
What did they do…
One afternoon this young lady called stating she located the perfect home in Lake Dallas. It was centrally located to her previous residence in Dallas as well as her place of employment. A hobby of hers is home renovation so she definitely saw the potential. The home was great as it stood but the missing AC unit was a problem. Using the Fannie Mae HomeStyle Renovation Loan she was able to purchase and install a new AC among a few other things:
1) Interior improvements included – updated fixtures in bathrooms and new interior doors
2) Installed smoke detectors
3) Exterior improvements included – repair siding near garage and repair garage doors
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Location: Plano, TX
Purchase Price: $280,000
Renovation Total: $14,750
After Improved Value: $297,000
What did they do…
I always love it when clients return for another home purchase! I’ve worked with this family for years and when they said they found the “perfect” home but it was just outdated I had just the solution – the FHA 203k streamline renovation loan! With this loan they were able to purchase this new home in Plano and perform cosmetic renovations to bring it up to date. With the funds they were able to:
1) Repair the drywall and the exterior damage to the wood trim
2) Refinish the tub in the downstairs bath
3) Remove the intercom system which was not functioning
4) Install a new garden tub and vanity in the master bath
5) Replace the carpet
6) Update the fixtures in the kitchen and all baths
7) Install granite in the kitchen
This past month we had a lot of smaller projects but it just goes to show you how versatile the renovation loans are. There is no project too big or too small and we will customize the loan to meet your needs.
If it is FHA you are looking for than we have the FHA 203k full and streamline. Should you need a conventional renovation loan there is always the Fannie Mae HomeStyle. Or maybe you just have some extremely minor and quick things to fix…in this case check out an Escrow Holdback.
Are you purchasing an investment property in need of some TLC? The Fannie Mae HomeStyle Renovation loan allows for investors to purchase and renovate!
As we continue to say, each renovation loan is unique but luckily we have a program for them all. We will customize the renovation loan to meet your needs! Give us a call today and let’s talk about a program that will best fit you.