Rehab Loan Product Information Tips and Tricks – Prime Lending Portage, Michigan

Good morning friends, it’s Steven Woloszyk from Prime Lending. Today is Tuesday, it’s May 10th and that means it’s time.


Good morning friends, it’s Steven Woloszyk
from Prime Lending. Today is Tuesday, it’s May 10th and that means
it’s time for Tuesday’s 2 minute tip. This week’s tip is going to be about renovation
loans, rehab loans. Over the past couple of weeks, I’ve had several
inquiries and pre approved customers about renovation loans. Steven we’ve found some houses out there but
they are just quite not meeting up to par. They need fresh paint, they need carpeting,
we’re thinking about new windows. Do you have any kind of renovation loan, rehab
loan’ Where we can borrow more money and take care of those repairs. Yes, we have plenty. 2 minutes is not near enough to cover all
the programs that we have. On a conventional side we have home style
Fanny and Freddie renovation program. We have an easy seal loan program, we have
the option to do an in ground pool after closing, set up an ascrow account for that. We have jumble renovation loans. We have the world development loan program
that allows you to take care of require and repair. VA allows for a seller funded ascrow account. Oh yes, we have renovation loans. I have one customer out there right now and
she’s buying a bank owned property and she’s using FHA financing. While you’re looking at a bank owned property,
you’re buying it almost always as is. Banks are not going to do required repair
items. So fortunately FHA has the full blown 203K. We have 203K stream line loan program and
in this particular instance, because we have an appraised value that’s higher than the
purchase price. We actually have the ability to finance in
the required repairs. As long as those repairs don’t exceed 5000. Now if the sales price and appraised value
equals the same amount, you can’t finance it in but you can still do a seller funded
or a buyer funded ascrow account. So the answer to the question is, yes we have
renovation loans. We have a ton of them. So if you’re looking at loans and can’t find
a perfect one. Please inquire about a renovation loan program. I’m Steven Woloszyk from Prime Lending, that’s
Tuesday’s 2 minute tip and as always, make it a great day.

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