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More reasons to love Renovation Loans

Posted on December 26, 2014 by Ray Williams (NMLS #216267).

It is not a surprise to those who know me, I am a big fan of renovation loans.  There is so much potential in a renovation loan. And it is an extremely gratifying experience when you help a client with a purchase or refinance. From there when they absolutely love their home because of their renovation loan, it is the icing on the cake.

Recently, I’ve been receiving more inquiry calls regarding renovation loans.  More younger buyers, mostly first time home buyers are very intrigued about them and these buyers are very investment savvy. Not only are these millennials intrigued but they are also very sharp, they do their homework. With that in mind, they see the full potential in a renovation loan.

A renovation loan can take the “ok” looking home and turn it into a “great” home.  You can do as little as carpet and paint, to “popping” the top, and even scrape to the bottom (keeping existing foundation).  To make things even better, how about adding in some energy efficiency to the home?  Save some money on electricity, water bill, and even more. From there the State of Colorado will give you money towards your closing if you increase the energy efficiency on an existing home!  Up to $6,000! What could you use these extra funds for? How about closing costs, or even better, how about you buy down your rate.

Recap on benefits of renovation loan:

1.    Add value into home

2.    Renovate/update home to your liking

3.    Add in energy efficiency and earn extra $$ towards your closing

4.    Make an “ok” home “POP”

Questions?  Contact us.  Click here if you would like to see if you qualify for a renovation loan.

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