Anyone who has ever gone house hunting knows that no house is perfect. But many houses could be perfect if a few changes could be made; if some repairs could be done or if a new kitchen or an additional bath could be put in.
In fact, today more than ever before the housing market is flooded with homes that are undervalued, either due to neglect or because they aren’t up to date with what modern buyers want. Why not take advantage of the equity tied up in those undervalued homes by getting a home renovation loan?
MortgageDepot’s Express Renovation Loans are the perfect solution to help you unlock the potential in the undervalued real estate! What do they offer?
- An affordable, convenient way to borrow funds to renovate or repair a property
- A Way to save a deal threatened by repair contingencies
- An alternative to a second mortgage or home equity line of credit
- Options for purchases or rate and term refinance
- Options for primary residences, secondary residences or investment properties
- Options for individuals, non-profits or municipalities
- Options for 1-4 unit properties
- Loans based on the value of the home “as-completed”
Our MortgageDepot Express Renovation Loans come in two options: The Fannie Mae Renovation Loan and the FHA Renovation Loan.
Each has its benefits depending on the needs of the borrower.
Benefits of the Fannie Mae Renovation Loan:
- Available for 2nd homes and non-owner occupied properties
- Borrower can choose the contractor
- If the repairs are less than $15K, no consultant is required
- Lender Paid Mortgage Insurance (LPMI) is allowed
- Can be used for the repair or installation of luxury items, such as a pool, additional bathrooms, kitchen renovations or additions to the structure
Benefits of the FHA Renovation Loan:
- Available for primary residences only
- Available to borrowers with FICO credit scores as low as 620
- If the repairs are less than $35K, no consultant is required
- Available for new purchases or Rate & Term refinances
- Available with only w-2 transcripts
- Amortized for either 30 or 15-year fixed rate terms
Don’t let the opportunity pass you by! MortgageDepot is a leading expert on renovation home loans. If you’d like to unlock the potential of an undervalued property that you own, or if you’d like to purchase a home that’s in need of repairs either to use as your own residence or as an investment property, contact us at MortgageDepot today!