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Renovation Loans allow you to compete with the cash buyer because you can do the renovation AFTER close of escrow. Non-Renovation loans require that the property be “livable” BEFORE close of escrow, meaning that all components have to work. Smart sellers will take your offer instead of low-ball cash offers. Renovation Loans require a 620 credit score.
- Primary Residence FHA 203k
- 3.5% down (of the purchase and repair costs of the property).
- Four-plex’s are eligible as long as you live in one of the units
- Maximum loan amount $287,500
- Primary Residence Fannie Mae HomeStyle Renovation
- 5% down (of the purchase and repair costs of the property).
- Maximum loan amount $424,100
- Rental (Investment) Properties Fannie Mae HomeStyle Renovation
- 20% down (of the purchase and repair costs of the property)
- Maximum loan amount $424,100A few years ago, I built my own house from the ground up without a contractor. If you use me for your Renovation Loan, you get my free advice even after the loan closes. Plus, I’m known and respected by many listing agents, so my name on the Pre-Approval letter carries some weight. If you are interested in seeing how I built my house you can watch the trailer for Dan Builds a House on you You Tube by clicking HERE or watch the full movie on Amazon by clicking HERE.
Your Nevada Renovation Loan Specialist:
Talk or Text – 702-326-7469