The First Time Home Buyer Chronicles: Home Renovation
The United States is in love with HGTV. The 4th most popular cable television network has become #1 most popular network throughout my family. My family and friends often talk for hours about home renovation and possibilities surrounding home improvement. It led me to realize the true influence and value around the network.
HGTV has plenty of TV shows that are structured around home rehab. With their star cast and endless renovation ideas, the network truly made a huge impact on the mortgage industry. In fact, knowing you can buy a house and rehab it how you choose, the average potential first-time home buyer is now considering renovation projects as their first home. Not a bad idea, here is why a renovation loan may be a beneficial choice for you:
The appraised value of your purchase will be based on the completed repairs. Rehabbing a home will improve the value of your home instantly, giving you instant equity into your investment.
Financing your Vision
Our Makeover Mortgage program allows you to renovate your home and we’lll fund it for you, so terms like “as is” can mean opportunity when searching for your next home.
Sacrificing your Savings
Many first-time home buyers are not in position to take on heavy down payment requirements. In fact, over 60% of home buyers in the U.S. are putting less than 20% down on a purchase. Unlike many construction loans that require a 20-25% down payment, the MakeOver Mortgage program offers down payment options as low as 3.5% with interest rates comparable to a standard purchase loan.
What’s more, the MakeOver Mortgage is not just for potential home buyers. Sellers stress over getting their home “list ready” and spend countless hours and money getting their property ready for sale. With MakeOver Mortgage Sellers can now advertise their home based off a potential buyer getting approved for a renovation loan.
HGTV taught our country a valuable lesson in creativity and opportunity when it comes to renovations. If you want to design your home the way you like and gain the most out of your real estate investment, the MakeOver Mortgage may be for you. Contact me here or call me at 708-531-8353 to see how United Home Loans can fund your vision.