When you can have all the repairs and improvements included in the main mortgage! There are a number of different mortgage solutions that will get you the home of your dreams, just the way you want it!
This will just add a small amount to your monthly payment and the best news is that it is included with the main mortgage so the interest payment will be tax free over the life of the loan. This beats you having to cough up your own funds and deplete your available resources. These loans are called renovation
To give you a brief outline of these renovation loans here are a few examples:
Carpet, flooring, paint, minor repairs or fencing the back yard for Fido with total costs under $35,000 use an FHA limited 203k loan.
For the bigger stuff like additional rooms, new bathroom, new roof or finish a basement with costs above $35,000 use an FHA 203k standard renovation loan. For the 203k standard loan you would be required to use the services of a HUD consultant.
These loan products are also available with a conventional renovation loan. If you want to take advantage of these types of loans we have the best renovation loan officer in Metro Atlanta to help and advise you, so give us a call!