Fixxer Upper Renovation Loan? or Loan with Escrows for Repairs?

hey friends after you binge watch HGTV over the weekend you wake up thinking man I could probably do that.


hey friends after you binge watch HGTV
over the weekend you wake up thinking man I could probably do that but what
HGTV doesn’t tell me is how does the money work? Where am I supposed to get
the money to buy a house and then remodel it? Well the great news is I can
help you with that and unless you have a reality show you’re gonna need to borrow
some money. So let’s say that you want to buy this house; clearly it needs some
work but who’s gonna pay for all the work? Who’s gonna pay for those windows?
Who’s gonna pay for all that stuff you got to put in there? Well we have a couple
of options and the options really break down into two categories: the first
category is a loan with the escrow for the repairs the other category is a
renovation loan. Now if the seller is going to pay for the work to be done
then we loan you the money to buy the house and then we put some of the
sellers money for the repairs into an escrow account; so for example if we’re
going to buy this house for a $100,000 and it needs $20,000 worth of
work we take the $20,000 from the sellers proceeds and we escrow that into
an account and then we pay the contractors as they do the repair. Now if
you’re paying for the repairs then we loan you the money to buy the
house and then you bring in the extra $20,000 and we put that money in the
escrow account and we pay it out to the contractors as the work is completed
that’s called a home purchase with escrows for the repairs well let’s say
you don’t have the $20,000 for the repairs
okay no problem we will loan you the money to buy the house and then we loan you a
little extra money to do the repairs we still put the extra money in the escrow
account and we still pay the contractors out as the work is complete. So you’re probably asking, How much money can I borrow? It depends on
what type of loan were doing and how much you need for the repairs typically
you need between 3.5% and 5% down to buy the
house and then we loan you the money for the repairs depending on what type of
repairs you need and then we can even add in extra money for appliances and
dishwashers, refrigerators, washer, dryers so I hope this helps
I hope we can help you figure out how a buy house and Rehab it. I’m sure you’ll
have more questions so please let me know by either emailing me or calling me
or you can text me let’s get started on your home renovation adventure thanks
and have a great day hey friends after you binge watch HDTV
over the weekend you might wake up thinking man I can do that
hey friends after you binge watch watch a ths refrigerators the washer the dryer
etc so I hope this helps you can figure out how to buy a house and Rehab it I
hope you will

8 thoughts on “Fixxer Upper Renovation Loan? or Loan with Escrows for Repairs?”

  1. There are so many fixer uppers around and VA or FHA buyers. These would be great options for them.

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