Buy a House and Fix it UP!

 Live in the Chapel Hill, Orange, Durham, Wake or Chatham County NC area? Get a regular conventional loan and renovate your “new” house! As little as 5% down plus closing costs may be all it takes if the loan is under conforming loan limits ($417,000). Closing costs and interests rates are a little higher than a loan without the renovation money included.   Or get an FHA loan with only 3.5% down (closing costs and rates are also a little more than non-renovation loans). FHA loans, while requiring less down payment, have loan amount restrictions based on county location.  See how this works...

 

If you are looking to buy a home, like its location, but it needs some work, don’t shy away! A Renovation Loan is the answer. There are several loan types you can apply for depending on the cost of the house and the cost of renovations and/or repairs. From a simple carpet replacement to a full blown new kitchen, there is a loan option available. From 3.5% down to 20% or more. Up to 6 months to complete the renovations. Your contractors may be ok but need to be approved by the lender through a process of minor paperwork. Owners are not allowed to perform the work themselves unless they are licensed builders (who still must be lender approved). Allow 60 days from loan application to closing. 

Great for first time buyers!  And don't forget that first time buyers tax credit!  It is expiring NOVEMBER 30!

These loans are available through our affiliated lenders with HomeServices Lending in our office.  If you would like more information, click here.  We will be happy to contact you or have someone who can tell you even more get you information.

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