New Loan Program Boon to Home Buyers and Sellers

Posted on May 16, 2010. Filed under: First Time Buyer help, Lenders & Loan info, Making Life Easier, Orange County Real Estate | Tags: , , |

Innovate Program Wraps Home Improvement Costs Into a Single Loan

Good news for Orange County home buyers, sellers, and agents. There’s a great new Home Improvement Loan program that will make a large number of homes far more affordable. Basically, this nifty financial solution combines the sale price of a home and the cost of home improvements into one convenient loan.

What a powerful incentive for a buyer who’s reluctant to commit to a home simply because it’s screaming for repairs. With this program, everything is covered in one simple package. No instant out-of-pocket expenses to discourage would-be buyers.

Another great thing about the program is that the house being financed gets appraised on FUTURE value. In other words, after the improvements have been completed. So there’s never deal-stalling appraisal issues nagging at the parties involved.

Here are the basics:

  • Basic Explanation:  the Home Sales Price plus all clients’ home improvements get wrapped into one, low fixed rate loan!
  • Loan Limits = same as FHA County Limit  (1 Units: $729K in Orange & LA County, $500K in Riverside.  2-4 Units higher)
  • Low Down Payment – only 3.5% required!  (plus normal closing costs carried by seller or buyer)
  • Possible Renovations to home include:  (Remodeled rooms such as kitchens, bathrooms, etc.  Additions, alterations, or structural changes to home.  Repair or replace plumbing, heating, air, roof, foundations, etc!)
  • Also available for Refinances
  • [Gov’t Insured Loan, 1-4 Unit SFR (no condos), 620 Min FICO]

But wait, there’s more! With this home improvement loan, you’re assured of a quick close. And there will be no more worries about buying a bank-owned property.

Alright, so your dream home needs a few repairs. No problem. You’ve got the ideal solution. Learn more about how this new loan program can make your Orange County dream home happen. Or get a quick pre-approval. Just contact Cory Hillis at 888-299-4484 or cory@bestratefinancial.com

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    Orange County, CA Real Estate for hip first-time buyers and investors. Plus, fun things to know and do in OC.

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