Renovation Expands Your Home Purchase Options
Let’s face it, Austin and the Austin metro area are highly competitive markets with buyers competing for limited inventory. According to an article published in the Austin Business Journal, we are facing a housing crisis.
In a market with low inventory, a buyer finds it more challenging to find her perfect home. However, if a buyer finds a house with great “potential”, meaning: the house is in need of major repairs or remodel, a renovation loan can help make a buyer’s dream come true.
What is renovation financing?
As your lender, I can offer what we call a renovation purchase loan. With this type of loan, we roll the cost of the repairs in with the purchase price of the house. The terms include a fixed rate. Furthermore, we determine the loan amount based on the existing property plus the work to be completed. Next, once the loan is closed, the buyer starts the repairs. An existing homeowner can do the same with an existing home via a renovation refinance.
What renovation programs are available?
We offer many programs to suit any type of buyer. Not only do we assist buyers interested in a smaller project involving a manufactured home but also buyers with a larger home with a pool. Additionally, we even have options for VA buyers.
VeraBank renovation loans are a fantastic way to expand a borrower’s options towards owning the perfect home.
Conversely, sellers who own a house with spectacular potential but require major repairs or reconstruction, a restoration loan can make their vision possible.
All things considered, using one loan for the home’s purchase and improvements can really simplify the process.
Are you ready to start a conversation on a home in need of TLC? Then, connect with me. I am a certified and leading construction lending expert.