Renovation Loans Aren't Just For Forclosures
By Tracy Lee Parker, Buy*Sell*Lease
(RE/MAX DFW Associates/PLATINUM PROPERTIES & MANAGEMENT)
Renovation Loans Aren't Just For Foreclosures Did you know that renovation loans can be used on more than just homes that have been foreclosed upon or being sold by HUD? It's true! You have found a your perfect location and great home in a wonderful established neighborhood ! It is not a foreclosure and it is being sold by the by the original owner BUT: It is living in the 80's decor The house needs minor repairs plus upgrading You want a swimming pool You want to add a shop The elevation needs updating NO PROBLEM !!! You can use the FHA 203k REHAB LOAN to finance AND rehab the home BEFORE you move in !! But EVERY room needs upgrading?? "Can I afford that!?" you say. Not a problem using the Fannie Mae HomeStyle Renovation loan - finance up to the conforming loan ...
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