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Mortgage Products
Posted on 9/6/21 at 12:37 pm
Posted on 9/6/21 at 12:37 pm
My family keeps growing (4 girls, Lord help me..) and my wife and I are keeping an eye out for more sq footage or possibly adding on to our existing home. We live in our dream neighborhood and don’t want to move outside of it, so inventory is few and far between.
Went to look at a house yesterday down the street that ticks a lot of the boxes but needs at least $150k of work. We could possibly buy it for close to what our house would sell for (approx $600k) but the new house would be worth $800k+ after renovations.
Running numbers now to see if any of this makes sense, but curious what kind of loan products would be best for purchase and renovations. Some type of mortgage for the purchase and a construction load for the work?
Happy to share more details if it helps.
Went to look at a house yesterday down the street that ticks a lot of the boxes but needs at least $150k of work. We could possibly buy it for close to what our house would sell for (approx $600k) but the new house would be worth $800k+ after renovations.
Running numbers now to see if any of this makes sense, but curious what kind of loan products would be best for purchase and renovations. Some type of mortgage for the purchase and a construction load for the work?
Happy to share more details if it helps.
2
Posted on 9/6/21 at 4:42 pm to Furbs311
Would just be a conventional plus a HELOC for the renovations i would think.
Posted on 9/7/21 at 11:08 am to Furbs311
Cheers to the growing family and hats off to keeping sanity in a house full of ladies. And the best way to go is a renovation product- You could do it on your current home or the one you are considering buying. Max renovation costs 75% of the after-improved value. Email me at username @gmail.com if you want me to send you the general parameters.
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