HELP FOR HOMES IN NEED OF RENOVATIONS
Do you own a home that you would like to make upgrades to? Are you an agent with a listing that won't pass a standard appraisal because there are repairs that need to be made in order to receive the value you need for financing? Our inventory is a mixed bag of old homes, new construction, dilapidated foreclosures or a few in need of some TLC. We met recently with a representative of Well's Fargo Home Mortgage, in our area and received a crash course in their Refinance and Renovate product. I am not advertising for Well's Fargo; however, we all have needs and certainly these folks are in a position to do so. To reiterate the nuts and bolts of the product as delivered by Winfred McCoy a Home Mortgage Consultant.......:Who Benefits? *Homebuyers looking at homes with issues *Homesellers wanting to upgrade, expand, repair, or remodel *Real Estate Agents wanting to move the hard-to-sell listing *Contractors can provide estimates *Investors can purchase homes in need of repair......and the list goes on.
Guidelines? *Applicants must meet standard loan program credit qualifications *The property must meet renovation loan requirements *Post -renovation appraised property value must support the mortgage amount *down payment and closing costs may vary *Cash needed to close can come from savings, gifts or approved grants or loans
Allowable renovations? You name it, you can do it.
The loan closes one time, and the construction begins within 30 days of closing. Renovations should be completed within 6 months. The beauty if the rates are generally not priced more than .25% to .50% above standard conventional loan rates.
I'm pitching Mr. McCoy here for a bit here in Southeastern North Carolina because he is commited to this region. If you need assistance, call me directly and we can get Wendy in the picture to assist you anywhere if he is unable to cover the business in your area. I guarantee you he can help us find the mortgage consultant with Well's Fargo that can help us put this together.
Kindest Regards,
Amy Houston Jernigan
Realtor/Broker
Coldwell Banker Fountain Realty
mobile: 910-520-0281
Office voicemail: 910-803-1269
fax: 866-345-3364
~Open the Door to All Possibilities~
