Renovation LoanFinding the perfect home in today’s competitive market can be difficult. To broaden your options, consider the option of purchasing a fixer-upper and renovating it to match your personal tastes.
Turning a house into your dream home
A renovation home loan allows you to get the financing needed to buy a new property and the funds they need to make the renovations and/or repairs on the home. Even better, it's all rolled up into one affordable monthly mortgage payment. Not to mention, the property doesnt have to be in terrible shape to qualify for this type of loan, any type of property can, from a new-build or to a property in foreclosure. * Not all homes qualify
Our dedicated Renovation Specialist Mike Wilcox can help structure the best plan for your situation. We can even help manage the renovation financing by disbursing payment to the contractor on your behalf at key stages of progress so you can focus on the renovation.
One of the key benefits of working with your Home Mortgage Alliance team is that we know the importance of communication. We never lose sight of the fact that this is likely one of the most exciting decisions of your lives. We will be available to answer any questions throughout the entire process – from pre-qualification, to closing - and beyond.
Combines the purchase price of the home with the cost of the improvements.
Allows you to roll everything into a monthly mortgage payment instead of having to make a large payment for the renovations all at once.
Gives you the ability to hire professionals to do the work so you can focus on other things.
Transforms an outdated house into the dream home you’ve always wanted, and often increases the value of it.
Allows sellers to sell a house “as-is” without needing to make repairs or updates on a house they are moving out of.
Seller never has an appraisal or inspection repair requirement prior to closing – all work can be done by the buyers’ contractor after closing.