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: 496 About Erin: Erin is the Sales Director for Space and Company as well as a licensed real estate agent and experie...
Michael’s real estate practice is focused on quality properties in established and developing neighborhoods that offer all the desirable amenities of urban living. Rittenhouse Square to Queen Village, Kensington to Passyunk, and great outlying communities such as Chestnut Hill and Spruce Hill are all within his domain.
Michael ventured into real estate in New York in the 1990’s developing residential and small business commercial properties as an investor, contractor, and end user. In 2005 he moved to Philadelphia and began working with individuals, couples, families, and investors to achieve their real estate goals. Since then, Michael has developed a comprehensive knowledge of the neighborhoods of Philadelphi a, our changing market conditions, and how to position each deal. He has an inherent ability to understand his client’s motivation, tastes, and bottom line, making him in an invaluable asset to each transaction. Michael’s attention to detail and his sensitivity to the interests of all involved parties are redefining buyer’s and seller’s expectations, one client at a time.