Thinking about buying a fixer upper? Certified Fix-it Mortgage Advisor J...

Thinking about buying a fixer upper? https://JGraff.AdvisorsMortgage.com     732.500.6883

Homes that need work can be great investments, especially if you can purchase them below market price. But stay away from upgrades that won't add value to the home. 

If a home needs major repairs to its plumbing, electrical, foundation, or roof, keep in mind that fixing major flaws can really eat up your renovation budget and these types of renovations hardly ever raise the value of the home enough to offset the cost. 

When you make an offer, for your protection, it is essential that the real estate contract is subject to an inspection clause. An experienced home inspector can give you a detailed and unbiased report on the home's condition. 

Next find a reliable contractor to get a realistic idea about the scope and cost of any work required and make sure to get everything in writing. If you need additional cash to fund your renovation there are a variety of loan types available so be sure to ask your lender for details.

I am certified Fix-it Mortgage Advisor. But please feel free to contact me anytime regarding anything about real estate finance.

732.500.6883

https://JGraff.AdvisorsMortgage.com

RENOVATION LOANS can help you buy a home that is discounted because of its age or condition. FIX-IT MORTGAGE is a renovation loan that gives you the opportunity to add the costs of repairs or renovations into your mortgage. If you are looking at REO, foreclosures, fixer uppers, handyman specials or other discounted properties that may be listed as “cash only” or “as-is” this may be the right renovation loan solution for you. If you are looking at homes in older neighborhoods that may need updating, improvements or remodeling, there are multiple renovation loan solutions available. 

Have you been looking for that “Perfect Home” but can’t find anything you can afford?

Have you looked at homes that you may be able to afford but they "Need Expensive Repairs or Updating"?

The FHA 203(k) is the foundation of renovation lending. Originally 203(k) was written in the early sixties and then updated in the nineties. 203(k) has been the most popular choice in the market for buyers choosing a renovation loan in order to finance both the purchase and renovation costs necessary to close as-is. The down payment on these loans can be as little as 3.5%. At closing, the seller is paid, and the renovation funds go into an escrow account that is set up in the homeowner's name to fund the renovation costs through a system of inspections and draw requests. 

LEARN MORE

INQUIRE NOW!

The Fannie Mae HomeStyle is the same concept as 203(k). With HomeStyle, a buyer can finance both the purchase and renovation costs necessary to close as-is. HomeStyle was originally written in the mid-nineties and was called the Home Improvement Mortgage Loan, HIML, later updated to HomeStyle. Some of the terms and conditions in HomeStyle are different than 203(k), but HomeStyle presents a similar unique opportunity to a homebuyer looking at property that is being sold as-is. The HomeStyle down payment can be as little as 3% for a first-time homebuyer. HomeStyle can also be used by an investor or second homebuyer.

FIX-IT MORTGAGE is a complete inventory of government and conventional renovation loans. We offer FHA 203(k), standard and FHA203(k) Limited (formally FHA 203(k) Streamline), Fannie Mae HomeStyle and HomeReady with Renovation. 

 

The FIX-IT MORTGAGE team of Renovation Loan Experts have years of experience to help you make the right product decisions. Using an expert in renovation lending will help you through the renovation loan process to successfully close as-is on time.

These renovation loan experts have 125 years of successful experience closing as-is on time. FIX-IT MORTGAGE, whether a FHA 203(k) or Fannie Mae HomeStyle, could be your chance to find an affordable homeownership opportunity, and they want to help you get there.

With FIX-IT MORTGAGE, you can finance the costs to purchase and include the cost to:

Remodel a bath or kitchen 

Add room additions or a garage 

Repair or replace roofing, gutters or downspouts 

Interior or exterior painting

Update appliances 

Repair or modernize plumbing, heating, AC and electrical systems 

Install or repair well or septic systems 

Energy conservation improvements 

Landscaping, decks or fencing

Flooring, tiling or carpeting

 

Advisors Mortgage Group, LLC - Company NMLS# 33041 - 1411 Highway 35, Ocean, NJ 07712 - Licensing Information. Note: Branch holds additional licenses for actual branch location. AZ Mortgage Banker License #BK-0946372 - CA: Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. CO; CT; DC; DE; FL; GA: Georgia Residential Mortgage Licensee; IL: Residential Mortgage Licensee No. MB.6761400; IN; Kansas Licensed Mortgage Company License #MC.0025622 - KY; ME; MD; MA: Advisors Mortgage Group, LLC, lender # MC 33041; MI; MN; NH: Licensed by the New Hampshire Banking Dept; NJ: Licensed by the New Jersey Department of Banking and Insurance; NY: Licensed Mortgage Banker - NYS Department of Financial Services; NC; OH; OR: License # ML-5281; PA; RI: Rhode Island Licensed Lender; SC; SD; TX; VT; WA: License # CL-33041 - VA - West Virginia Mortgage Lender License -  www.nmlsconsumeraccess.org.

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HOME LOANS James Graff   NMLS# 1974758 

Advisors Mortgage Group, L.L.C.   NMLS# 33041

2899 Highway 35 North  Hazlet N.J. 07730

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