Can’t Find a House That Fits Your Needs? Consider a Renovation Loan

One of the biggest challenges my clients are facing right now is that they are looking in this limited inventory market – and they just aren’t finding a house that they want. Either it’s a junky house that needs to be fixed up, or the right homes are out of their price range.

Thinking Outside the Box

One option to consider is a renovation loan. We’ve got several options. A lot of people have heard of the FHA203k loan, which is designed for renovations and only requires 3.5% down.

But there are also renovation loans in the conventional world that require 5% down.

If you are a first-time homebuyer you can do the renovation loan with 3% down. There are even jumbo loans available for renovation needs.

So, if you are looking for a home and wondering how to come up with a down payment and fix the place up, then this could be a great solution.

Upgrading a Home to Make It Your Own

I understand there is such limited inventory, making it challenging to find a place. This strategy can be an excellent solution.

Of course, there are limitations for FHA loans. But on the conventional side, you can do a lot of different things – changing walls, and other major renovations.

We also have a ground-up construction loan if you want to build a brand-new home.

If you are looking at construction or renovation loans, then I’m always here to help. Reach out to our team at Franklin Loan Center any time to learn more about the various solutions we offer to help you get into a home.