“Is it Possible to Roll Renovation Costs into the Mortgage?”

“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

Cell: 860 836-9294

Email: joe@righttracfg.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

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Comment balloon 4 commentsJoe Petrowsky • October 24 2018 05:57PM

Comments

Great information, thanks for sharing!!!

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.

Posted by Sham Reddy, CRS (H E R Realty, Dayton, OH) 19 days ago

It's good to know there are multiple options for renovation loans!

Posted by Kat Palmiotti, The House Kat (Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com) 19 days ago

Good morning Joe. An inquiry right up your alley! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 19 days ago

Good information to know about rolling renovations into your loan Joe. I did not know you could do that. I'll be passing it on, Thanks!

Posted by Debe Maxwell, CRS, Charlotte Homes for Sale - Charlotte Neighborhoods (www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310) 19 days ago

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