Have you ever though that maybe – just maybe – you could buy a home that needs work on the cheap and fix it to become your share of the American Dream?
Many people have that idea, and it’s a good one. But most don’t see any scenario in which they can save the down payment and be able to pay the contractor for the new kitchen, bathrooms or addition the home would need. So they keep dreaming that someday then can afford to go ahead with their plans.
Well – that day may be here right now!
Here’s how. And don’t tell anyone because it’s a big secret. It’s called a renovation loan. Let me give you an example.
You’ve saved, and you have enough of a down payment and the necessary closing cost, and your mortgage guy says you can buy a house for $300,000. After looking in the areas you want to live, you can find homes for $300,000. But the homes haven’t been upgraded since they were built 50 years ago. And you don’t want a kitchen with avacado green appliances. Formica counter tops and a vinyl floor. Can’t say that I blame you. So here’s the plan. Find a home that needs repairs and upgrading that’s asking a lot less. With a renovation loan, you can borrow the purchase money, and have money put into escrow that you can use to pay the contractor. You’ll pay a little higher interest rate, but you can refinance later at the (hopefully) lower rate.
This can be a way you can get the home you want in the neighborhood you want and still be able to afford.
To find out more, call Art @ 732-598-7700