Friday, May 9, 2014

Buying a home and fixing it up may get you more house for your money

Do you have a borrower that wants to buy a fixer upper home?

 

A rehab loan is great for your buyer because it is easier to get than a construction loan and is more stable than a HELOC. Buy the house and pay for the repairs all in one loan with one low easy payment and a one-time close.  Funds for repairs are held at escrow.

 

Eligible properties are stick built homes, condos, modular – but not manufactured.

 

This program is NOT for the home handyman.  The work must be done be a licensed contractor and must be an arm’s length transaction.  

 

Ø Primary Residence or fix up for rental house – NO Flipping

Ø House must have been previously occupied

Ø Any type of improvements

Ø Remodel kitchen and baths

Ø Make the house energy efficient

Ø Make a house disable friendly

Ø Add a deck

Ø Add a garage

Ø Repairs can be up to 50% of finished appraised value

Ø Have six months to complete the work

Ø Can be a refinance for current residence

Ø Up to six draws for completed work

Ø Close in 60 days

 

To find out how easy it is to get a rehab loan for your buyer, call

 

Max Nasab

Mortgage Consultant

206-719-2694

maxn@mortgagemoneystore.com

www.mortgagemoneystore.com

NMLS ID# 112686

 

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