THE DREAM - Renovate Your Next Home Like HGTV. Now!
Yaaas! Could you imagine...
Walking into a your new house with contrasting cabinets, mid-century modern furniture, and shiplap for days!? I sure can.
What once felt impossible, unless you had $50,000 in your pocket, now seems possible. Freddie Mac has just announced the roll out of its CHOICERenovation loan program.
Basically, you, the borrower, can apply for a single loan for the both the purchase and renovation of a new home. Just like other FHA loans some borrowers may only need to bring 3% down to the closing table. That means on a $250,000 house you would only need to bring approximately $7500 before fees
Where the rub comes, is that they will only loan up to 85% of the finished home's market value ($85,000 on a $100,000 in-like-new condition). However, If you or your agent have great negotiating skills you may be able to purchase and renovate a home fully funded by the program. Inquire your agent and/or lender about this loan.
Author:Erin Bishop Phone: 717-873-8767 Dated: June 21st 2019 Views: 359 About Erin: Erin is the Sales Director for Space and Company as well as a licensed real estate agent and experie...
Sal is a veteran real estate agent who has called Philadelphia his home for over 20 years. He has lived all over the city in everything from a 6 bedroom Victorian townhouse he restored in South Philly, to a rehabbed house in Graduate Hospital, to his current home: new construction in Northern Liberties.
In his previous life, he had over 20 years of experience in the pharmacy industry as a data analyst, which gives him the eye for detail and makes him a "numbers guy" that supplements his love of real estate. Sal holds a Bachelor of Science in Business Management.
Sal is well versed in every aspect of real estate sales — and there's not a question you can ask him he hasn't heard. He has a great knack for helping first time home buyers as well as investors, move-up buyers and renters alike.
When Sal isn't selling houses, you can find him riding his motorcycle, cooking, baking, restoring old technology including antique radios and clocks, collecting mid-century furniture, working on cars and singing in various choruses.