Fannie Mae HomeStyle Renovation Loan

Hey everybody Joe McCaslin with new American funding and John heck Joe and I are here today to talk to.


Hey everybody Joe McCaslin with new American funding and John heck Joe and I are here today to talk to you about our homestyle renovation product that we have to offer and wanted to go into that a little bit more and Kind of start off with a couple of the great things that we like about this program yeah, I mean this program sets itself apart from the FHA 203k that everybody goes after there’s a lot less limitations a lot better program when it comes to the mortgage insurance falling off and Just a lot more flexibility to get in to a property that has some good bones and Make it you know your own so Like I’ve mentioned a lot of people they don’t know about the product We have a department that specializes in running our renovation moves. So we have a team of people they know what they’re doing they’re vetting the Contractors they’re handling the drawers and you know, it’s a very smooth process Versus your one-off loan officer. This is trying to do a renovation loan that it’s never done one maybe before so I See a lot of benefit, especially You know with people, you know, I’ve been in the house 10 15 years that want to make some updates. Yeah, that’s a good point This product isn’t just for new home buyers or people buying their second home This is also for your current home if you’ve lived there for you know a few years and you love the house But there’s just a few things that you want to change, you know with the cosmetics This is an opportunity for you to refinance and financing the cost and have a contractor come out and actually do the work Yeah, well the other thing too Jones you if you’re looking to buy a house and you have a real estate agent That’s helping you and you’re having you know no luck. But you know your offers not getting accepted or the homes what you’re seeing There’s just some things that you don’t like about it I mean one, you know, you can do some renovations and just just do some cosmetic stuff. The other thing too is you Can do a room addition. So if you want to add a master suite If you want to you know, do you know maybe a third car garage, you know? You can make additions with this product and in some cases those additions can add instant equity to that house You know when when a house is comped out or in real estate agents doing their Market Analysis. They’re looking at similar homes similar square footage and That house if you’re adding another 800 square feet to the house. You’re in a totally different brackets So in a lot of cases by making those square footage additions you can walk into some equity as well Yeah, and so there’s definitely a lot of good options that we have with the renovation and you know helping get you into a home Build some equity with your home but any last couple things that People first-time buyers, you can put down 3% on a renovation loan if you’re you know buying in your next home, it’s 5% It’s a great product for investors as well so if you’re an investor and you want to get into a house and flip it, this is a great program to work with – Awesome. Well, if you have any questions definitely, you know reach out to us We’ll have our phone number and email address below and we’d love to help you out. Have a great week You

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