Take a tour of this beautiful Floridian Tudor in Avondale! This home features 4 bedrooms, 2.5 bathrooms; and an array of modern upgrades. Part of the original platted corridor into Avondale, you'll
Specialty Renovation Financing
Today on the blog, we're featuring a guest post on Specialty Renovation Financing by Jamie Zeitz of Home Bridge Financial Services.
Sometimes homebuyers find a house in a perfect neighborhood that needs some personalized improvements to make it their true Dream Home. They love the home’s layout, the school district, the neighborhood amenities and more, but the floors are dated, the heating and cooling systems may need modernizing, the kitchen may need updating and the kids just might like to have an in-ground pool.
Financing this “almost perfect” home with a traditional mortgage would leave the homebuyers on their own financially for any updates, repairs or improvements, but a renovation mortgage builds the cost of the renovations into the total loan amount.
From simple jobs to complex remodeling projects, a renovation mortgage allows buyers to finance their home and home improvement projects. Renovation loans are available through FHA 203(k) and Fannie Mae Homestyle Renovation Loans.
How it Works:
Apply for a mortgage with your Mortgage Loan Originator. We will review your application and loan documents to pre-approve you for a maximum loan amount and determine the best loan program to fit your needs.
Find Your Home
Look for a home that you can customize to become your dream home. The contract between you and the seller will be just for the purchase price. It will not include the funds to be used for your home improvements. Your Realtor will forward the accepted contract to your Loan Originator to finalize the financing.
Choose a Contractor
You must research and select a contractor to complete your improvements after the loan closes. Contractors must provide specific documentation to be accepted for use in the renovation program.
Purchase Your Home
Your Mortgage Loan Originator will process, underwrite and close your loan. You will go to settlement on your new home with an escrow account established to complete your home improvement project.
Once your loan closes, your Mortgage Loan Originator will work with you and your contractor. This Manager will monitor the renovation process and distribution of funds, and is available to answer all of your questions. Most customers have this process completed within 60 days of closing (smaller projects can be completed in less than 30 days).
Thank you so much, Jamie, for sharing your knowledge on Specialty Renovation Financing. If you're interested in the historic neighborhood of Riverside Avondale, don't miss our free comprehensive guide to the area.
A native of Texas, Heather Benfield lived up and down the East Coast before finding a home in Jacksonville, where she has resided for the last 10 years. Heather attended the University of North Florid....