If you are interested in “ as is “ properties or those priced well below other similar homes, you are interested in a fixer-upper or a type of fixer-upper.

Some of the benefits you may want to consider are the following: You will be able to choose the type of renovation and personalize remodel choices; you may be able to buy a home in your desired neighborhood because of the lower price; the feeling of having accomplished a challenging project.

Some of the drawbacks you may want to consider are the following:
Damages may not be immediately visible; not even the most experienced contractors may be able to recognize the extent of the damage until repairs start; costly repairs out of budget.

FHA and Fannie Mae offer renovation loans through accredited lenders*. You can apply to one mortgage loan to finance both the purchase and the renovation of the property which can be a single family home or a condominium. One process, one loan. If you are an investor you may qualify as well**.

Your accredited lender will hold the funds in escrow until the project is finalized. A trustful licensed contractor will play a key role in setting a budget and completing the project. FHA loans eligible repairs** may include roofing, painting, flooring and carpeting, plumbing, HVAC systems, deck and pool repairs, kitchen or bathroom updates among others more expensive repairs. If you need more detailed information about renovation loans, we can put you in contact with a Certified Renovation Lender.

Conventional wisdom dictates that it might be hard to find a home with all first time buyer’s musts and needs; sometimes envisioning your home after renovations or repairs might help just a little bit to ease your path towards homeownership.

*some restrictions apply.
** information is subject to change without notice.