Renovation mortgage loans are really taking off early in 2014. People are seriously realizing how valuable renovation loans are when it comes to purchasing and renovating a property. Renovation loans such as the Fannie Mae HomeStyle and the FHA 203k allow for so much…check out some recent projects that are kicking off and stay tuned for “after pictures.”
Location: Fort Worth, TX
Purchase Price: $145,500
Renovation Total: $76,000
After Improved Value: $235,000
What did they do…
Using the FannieMae HomeStyle renovation loan the buyer was able to purchase the home “as is” and finance a full interior remodel. The home was fine as it stood but just older and really needed some updating. Being a single Dad of two boys a lot of the focus was on the upstairs and it’s safe to say the conversion of the extra bedroom to a media room was a hit!! Along with this they did replace the roof as it was nearing the end of its life. They also did a full kitchen upgrade which included granite counters and new, custom cabinets. Finally all of the lighting was updated to more energy efficient and more modern fixtures.
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Location: Plano, TX
Purchase Price: $207,000
Renovation Total: $23,209.50
After Improved Value: $250,000
What did they do…
Another HomeStyle Renovation loan kicked off in early January over in Plano. It really started with minor foundation repair but when the buyer realized desired repairs could be added as well we were off to the races. With the exception of the foundation repair the other updates were cosmetic but looking back it really made the house. The buyer went through and updated most of the fixtures and the hardware. These little touches really did refresh the house!
Location: Richardson, TX
Purchase Price: $176,000
Renovation Total: $25,000
After Improved Value: $205,000
What did they do…
Nice little FHA 203k streamline loan in Richardson, TX! Renovations included plumbing, painting the entire inside of home, new wood floors in the living area and a few other odds and ends to give the buyers that fresh new feel. These types of updates also added 10 more economic years to the home!
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Location: Waxahachie, TX
Purchase Price: $250,000
Renovation Total: $50,000
After Improved Value: $300,000
What did they do…
This couple was looking for some property out in the country and went all the way to Waxahachie to get it! Here is what they did: Added wood floors throughout the entire house, remodeled the master bathroom and fresh paint inside and out. They also installed new cabinets. The previous owners were in the process of building a small pond when the home was foreclosed upon. They were able to complete the installation which was just a matter of surfacing and filling the pond. Luckily the mechanics were already in place. Talk about a great home, on a nice quiet piece of land, which is now renovated to their liking! Using the Fannie Mae HomeStyle loan they were able to do all of this with only a 5% down payment.
Location: Richardson, TX
Purchase Price: $100,000
Renovation Total: $98,740
After Improved Value: $190,000
What did they do…
Labor of love about to be underway in Richardson, TX using the full version of the FHA 203k loan. She was able to remodel from the inside out – including a new roof, new hardwood floors, updated master bed and bath. This now very happy home owner purchased this property from her elderly mother. She had been living in the home and paying the mortgage but now decided it was time to purchase and restore it. The home wasn’t in the best shape and needed some major foundation issues to be corrected but after this face lift it’s going to be restored to its original beauty.
Want to be one of these success stories? Give us a call today and let us help you with your renovation project! Repairs don’t scare us and they shouldn’t scare you either!