One of the questions we have been getting a lot is, do you have renovation loans? And, what is a renovation loan?
A renovation loan is a loan that will enable you to acquire the property, and fund the renovation of the home.
This type of loan is kind of like a construction loan but instead of buying a lot a building a house, you’re buying an existing home and you’re doing a renovation. You can actually do a pretty massive renovation.
Now, the loan limits on these loans are going to be dictated by the county in which you live. For example, if you’re in San Francisco, you’re going to be able to get a loan amount all the way up to $679,650. If you are in Utah County, Utah, then that loan limit is going to $453,100. Please visit http://www.loanlimits.org/conforming/ to see your county limits. Therefore, based on where you are in the country, your loan limits will vary.
Other great things about the renovation loan is you can do as little as 5% down. On construction loans, generally you need much more down. Some things to look for; you really need to vet your contractor and you really need to have an understanding of what your budget is before you make an offer and decide you need a renovation loan.
We suggest that you reach out to us in advance. We can educate you and answer your specific questions. We are here; we would love to hear from you. Feel free to call us or fill out the client questionnaire below!