“Is it Possible to Roll Renovation Costs into the Mortgage?”
Greetings Joe,
I have a question for you about mortgages and buying a new house: What type of loan would you use if you choose to buy and renovate an inexpensive house that is well under your budget? Is that even possible to roll the renovations into a mortgage? How would that work? Is it far more complicated and time consuming?
Our intention originally was to buy a home that was completely finished- and that is still my preference. But I was just wondering if buying and immediately renovating a cosmetically imperfect house might be another option we never considered. Thanks for any light you can shed on the question!
Best, Traci
Renovation loans are very popular and very common. They can be part of a conventional, FHA and VA mortgage. It is vital for a prospective home buyer to speak to someone that truly understands these mortgage products as each have different guidelines and restrictions. So often folks get denied because they applied for the wrong renovation loan.
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
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Email: joe@righttracfg.com
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