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Renovation Mortgage - What is it? How does it work? Why it's a great option for home buyers in Jacksonville.

 

Renovation Mortgages permits borrowers to include financing for home improvements in a purchase or re-finance transaction of an existing home. Renovation Mortgages provides a convenient way for borrowers to make renovations, repairs, or improvements totaling up to 50 percent (more or less depending on the program) of the as-completed appraised value of the property with a first mortgage, rather than a second mortgage, home equity line of credit, or other, more costly financing method. Eligible borrowers include individual home buyers, investors, nonprofit organizations, and local government agencies. One of the loans that allows you to customize is the Fannie Mae HomeStyle Renovation Loan . 

Here are the 3 simple and quick steps on how this works:

1.  Renovation cost into loan. No out of pocket.

2. Allows higher LTV up to 95%, than cash out only at 80%.

3. Minimum down payment if using for Purchase.

*GOOD FOR ANY PROPERTY TYPE, EXCEPT MANUFACTURED

Many options exists today for a Renovation Mortgage in addition to the FannieMae products.

ARE YOU HAVING A TOUGH TIME LOOKING FOR A HOUSE? Cut search times in half. Because now you can make any home in the right area your DREAM HOME WIN/WIN for everyone!

HAVE YOU SEEN HGTV's FIXER UPPER? This is the Renovation Loan they use in the Show.

Below are a few local Jacksonville and Northeast Florida mortgages brokers that specialize in Renovation Mortgages:

Chris Childers, Sharp Mortgages
904-631-8292 | sharpmortgages.com

Jamie Zeitz, HomeBridge
904-710-1744 | homebridge.com/loan-originator/jamie-zeitz

John Adams, loanDepot
904-639-5571 | johnadamsteam.com

Be sure to tell them that Scott DeVore, Licensed Realtor + General Contractor, recommended them when you contact them!

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