THE DREAM - Renovate Your Next Home Like HGTV. Now!
Yaaas! Could you imagine...
Walking into a your new house with contrasting cabinets, mid-century modern furniture, and shiplap for days!? I sure can.
What once felt impossible, unless you had $50,000 in your pocket, now seems possible. Freddie Mac has just announced the roll out of its CHOICERenovation loan program.
Basically, you, the borrower, can apply for a single loan for the both the purchase and renovation of a new home. Just like other FHA loans some borrowers may only need to bring 3% down to the closing table. That means on a $250,000 house you would only need to bring approximately $7500 before fees
Where the rub comes, is that they will only loan up to 85% of the finished home's market value ($85,000 on a $100,000 in-like-new condition). However, If you or your agent have great negotiating skills you may be able to purchase and renovate a home fully funded by the program. Inquire your agent and/or lender about this loan.
Author:Erin Bishop Phone: 717-873-8767 Dated: June 21st 2019 Views: 317 About Erin: Erin is the Sales Director for Space and Company as well as a licensed real estate agent and experie...
A lifelong resident of Philadelphia, Kathy has a great appreciation and understanding for the city’s culture and architectural integrity. Practical knowledge of each neighborhood is what makes her excel in matching people with properties. Her diversified background in insurance, working in a clinical laboratory for a pharmaceutical company and hospitals, health care, and cosmetology fuel her intrinsic knowledge and passion for real estate.
She is able to utilize market insight with her eye for quality as well as value to help facilitate the smoothest real estate experience possible. Personable, patient and knowledgeable, she possesses a smart, interpersonal flair as well as a refined visual sense, making her the ideal representative for buyers and sellers alike.
As a resident of the Art Museum area for over twenty years, she has a special affinity for center city properties. Her smart approach keeps customers informed, visualizing all the possibilities of a space so they won’t pass up a good opportunity.