House-to-Home Renovation Loans Offer Options for Agents and Home Buyers
If you’ve been house hunting—or if you’re an agent with a listing that needs work—you’ve probably been there: A home has great bones or offers a lot of space for the money, but some aspects of its condition are likely to frighten most buyers away. With a unique financing option available for homes in need of renovation, however, the property might actually be more desirable than you think.
Our House-to-Home renovation program is designed to make mortgage financing for properties in disrepair more accessible by combining the estimated costs of repairs and the home's purchase price into a single loan. Renovation financing can help home buyers turn a house they like into a home they love, and our loan options may help real estate agents present possibilities in a property, leading to a sale.
The House-to-Home renovation program offers a number of advantages:
- The program offers a 30-year mortgage with a fixed interest rate that will remain the same for the life of the loan.
- Purchase and rate-term refinancing options are available.
- Unsafe homes can be made habitable, which can help improve the neighborhood.
- Buyers may be able to get more house for the money and cover improvement costs.
- The square footage of homes can be increased at a lower cost.
- Agents can offer a greater inventory and close more sales.
There are two common types of renovation loans: The FHA 203(k) loan programs for properties that won't need structural repairs, and a conventional loan program for properties that do need structural work. Most types of home improvements are covered with the exception of "luxury" features such as swimming pools or landscaping.
If you choose to purchase, refinance, or market a home that may be eligible for 203k financing, having knowledgeable mortgage professionals to assist you is important. Whether you are a first-time home buyer or an experienced real estate professional, our renovation specialists can help you find the right renovation loan program for your needs.
To learn more about House-to-Home renovation financing, check out this video!
Reprinted with permission from RISMedia. ©2017. All rights reserved.
All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance. Licensed by the Delaware State Bank Commissioner. Also licensed in District of Columbia, Florida, Georgia, Maryland, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.
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