While there is the FHA 203K streamline renovation loan that works great - if the property is a Fannie Mae property the better renovation loan for FM properties is a HomePath Renovation Loan.
HomePath Renovation Loan: This type of renovation loan is only for properties that are owned by Fannie Mae. Some of the other considerations:
Low down payment and flexible mortgage terms (fixed or adjustable rates). Down Payment (at least 3%) can be from:
- Your savings
- A Gift
- A Grant
- Loan from non-profit
- State, local Government or your employer
- There is no mortgage insurance required (Unlike... FHA 203k)
- Appraisal is not required
HomeStyle Renovation Loan: This type of loan is set up for investors
Go to this link to check to see if the property qualifies for HomePath Renovation Loan: www.HomePath.com
These types of loan works best on properties that are not Fannie Mae owned
FHA 203k Streamline Renovation loan: Click for 203k Streamline Information.
Wells Fargo - Purchase & Renovate Loan:
If you don't have the cash for the down payment, closing costs, and the necessary renovations, then Wells Fargo Home Mortgage may have a solution for you. The Purchase & Renovate loan finances both the purchase of your home and the renovations you need simultaneously.
Wells Fargo - Finance & Renovate Loan:
With the Refinance & Renovate loan, you don't need to have a lot of equity built-up, because the amount you can borrow is based on the increased value of the home after improvements are made. Also, the Refinance & Renovate loan usually offers a lower monthly payment than the combined interest of getting two separate loans.
Check with your lender and see where you fit, what you can get if that property is in need of some work or TLC
Call us at 866-543-0461
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If you have Short Sale questions:
We can help you with a Short Sale if you are in a situation of
*Pre-Foreclosure *Hardship *Job Lost *Reduced Income *Divorce *Upside down on Equity *Can't afford Mortgage *Unexpected Medical Expenses
* Failed/Denied HAMP Loan Modification * Other
Some of the BENEFITS OF A SHORT SALE
*Avoid Foreclosure *Reduced damage to your credit *Free of financial burdens
* Relief of the stress * Possible incentive from HAFA (Home Affordable Foreclosure Alternative)
ASK me about - the Central Valley...
WACHOVIA FASTTRACK SHORT SALES
It is an EASY, NO Stress & FAST way to get an APPROVED - Short Sale
Rosemary Brooks, Realtist,HRC
Patrick Williams & Associates
the Mother and Daughter Realty Team
Central Valley Realtist Association / NAREB
www.centralvalleyrealtist.com / www.nareb.com
WE SELL HUD HOMES
Phone: 866-543-0461 Fax: 209-879-4601
EMAIL: info@motheranddaughterrealtyteam.net
WEBSITE: www.motheranddaughterrealtyteam.com
Serving the Central Valley, Stanislaus & Bay Area
Specializing in Bank Owned and Short Sale properties
~~We take the extra steps to ensure our clients receive the utmost care ~~
