Adding Value to Purchase with Fannie Mae HomeStyle Renovation loan
Using the Fannie Mae HomeStyle Renovation Loan, savvy seasoned home buyers in Irving, Texas renovate and purchase while adding value. HGTV may have been inspiration for this remodel as both buyers are avid watchers. They needed a vision to turn an abandoned bank owned property in to a family asset.
The Fannie Mae HomeStyle Renovation Loan does not have a cap on repairs other than the total renovation can only be 50% of the after improved value. This home needed a budget of $160,000 and they were able to roll in the cost of the complete project! Take a look at some numbers and specs below to learn how value can be added with the power of HomeStyle Renovation.
Fannie Mae HomeStyle Renovation Loan Numbers Breakdown
Purchase Price
Base Bid
Contingency
Inspections
$200,000
$151,560
10%
5
After improved value of $390,000.00
This is a single family 1 story home built in 1967 with 4 bedrooms, 3 baths and full basement. It has a 2 car garage at the bottom and a 2 car garage at top front that is being converted into living space. The exterior is mostly stucco with some wood and the roof is a flat built up roof. You can see an image of the 2 car garage being converted in to an extra living space below. This extra space will likely be used for entertaining guest and they still have another 2 car garage for parking. The exterior will also get new cedar trim to give the drive up a far more impressive new age feel.
There are far too many repairs to mention on this project so i will list them below along with some before pictures. Don't forget to check back with us in a few months to see the finished product!
- 2 complete bathroom remodels - all new everything from shower to tile
- Luxury engineered hardwood floors throughout
- Roof fixes to prevent leaks
- HVAC up to code
- Electric to accommodate new room and new electric panel
- 2 pergolas for the entry to home and rear
- Complete exterior paint including stucco
- A total of 13 new windows
- Complete kitchen remodel from cabinets to counters - all new!
- Built in fridge, stove, microwave and dishwasher - very nice appliance package
Did you know this about the Fannie Mae HomeStyle Renovation Loan?
Fannie Mae HomeStyle Renovation Loans offer very few restrictions for repairs. You can add a pool, add an addition to your home, add a second story, add a garage and of course all sorts of cosmetic remodel options are available.
You are even allowed to make structural repairs such as foundation or major roof work that requires the trusses to be rebuilt. Whatever your need may be, this rehab loan likely has an answer. Give us a call and find out today!
Repairs don’t scare me and they shouldn’t scare you either. Call me today to discuss renovation loan options.