What's different...

•  Loan are based on after-improved value and condition

•  Defects can be addressed after closing.

•  Repair costs can be included in the loan and completed after closing

Most loans require the property being financed to meet certain conditions.  Any defect in the property - from leaky roofs or bad furnaces to torn carpet or peeling paint- can stop the loan from closing.  You need to address all of these defects (before closing) or find another house.   For some homes, these defects are minor and easily handled.  For others, it's just not possible. The seller may not be willing or able to do the repairs necessary to put the home in closing condition.  You may not be willing or able to do them either, especially before closing.  In that case, Renovation Lending can save the day.  The cost of the work that needs to be done to the home can be financed into the loan amount and put into escrow (a special holding account) at closing.  The loan closes with the property ‘as is'.  After closing the work is done and paid for with the money that was set aside in escrow.  In the end, you get the home you've always wanted. 

1 One loan, one closing, one payment

2    FHA 203(k) and Conventional Home-style loans are available

3 Loans from $40,000 to $822,700 (Total of purchase & renovation)

4 Minimum renovation of $ 5,000.

5 Can be almost any house/any condition

6 1-4 Unit properties only (can convert from multi-unit to single or vice-versa, so long as final property is 1-4 units)

7 Can include almost anything:  Remodeling, Additions, Renovations, Conversions, well & septic systems

8 As-is condition doesn't matter: Renovation Loans are based on after-improved value & condition

9   Can include both necessary repairs and ‘wish list' items as well

10 Loan size only limited by what you can afford, loan limits in your area and comparable property values in the area