Want to become the next Chip and Joanna? The Brandy Whitmire Mortgage Team: Facebook Live Episode 5

I Am talking about renovation loans this week So I know all of y’all are wondering how in the world.


I Am talking about renovation loans this week So I know all of y’all are wondering how in the world are all of our friends at these average Joe John’s and Janes becoming these chips and Joanna’s from fixer-upper and Where are they getting the money to? renovate their current homes the ones that they own or the ones they’re buying and I gotta tell you this is one of my favorite products. I’m so excited. So again, I’m brandy whitmire. I Work in Dallas. I’m nationwide. I’m a direct lender banker broker So we have every product that you can probably think of and one of my favorite ones we’re talking about the tip today It’s three different types of renovation loans so hi marquita Loud and clear good. Okay, so We ask any questions that you have while I’m talking about this I literally this is my one of my Favorite products that we do it’s really exciting Those of you who know me know that I’ve been flipping homes for since 2004. I’ve got 19 under my belt I’ve got two developments happening right now I’m itching to do my 20th one just so I can say the 20 instead of 19 So I love making I love building things. I love turning something old or Rundown and making it beautiful again making it functional again. So I really really really love this product so there are basically three different types of renovation loans and I’m not gonna get too far into it because it’s really going to be a it’s a it’s a case-by-case basis which product you need, but There are two two different types of 2 or 3 K loans. Now. These are only for primary resident buyers Okay, it’s a government loan It’s always gonna have mortgage insurance you can do as little as 3 and a half percent down So but basically there is a 2 or 3 K stream line so if you just need a roof or you need a touchup in a bathroom or a bedroom or you need some kind of cosmetic work Done. Then this is gonna be the product for you. It’s for easy. It’s fast we can get these closed I mean as soon as you get your bids we’ve sent you over to our concierge they help you throughout the process with your with your HUD consultant with your Contractors and we close alone and they deal with it from there I mean, it’s super easy quick easy fix if you need just basic cosmetic work done the second 203k loan is called basically full concern full consultant or a standard and that’s basically where you can move a load-bearing wall You don’t not capped at the thirty five thousand that you are in the streamline and Basically anything that you there’s a lot more that you can do garage build-out removing walls Appliances things like that which you can do for both as well Again that it’s only for a primary residence that is for current homeowners so you want to refinance and do a work to you at the home that you’re in you can do that and it’s for purchasing a new home the third renovations on the rice Kyla and Kyla is your woman she is our Extraordinary loan partner and works with our concierge department. So she’s awesome. She’s on the team and she kills it So Thank You Kyla everyday. Thank you. So the third one is a Fannie Mae homestyle Renovation loans so the cool thing about this one is again There’s not really a cap to how much work you can do. It just has to be 50% 50% of the total value at the end Anyway, we will get there but what I like about this one Is that for your the investors out there? And for the people who are buying second homes, let’s say you’re here and you’re buying a second home in Florida It needs a little bit of work you can use this product You’re gonna be limited by whatever ten percent or a ninety percent loan to value investors eighty percent loan to value Primary Residents will be at ninety five percent one of our value so for as little as five percent down you can get into this loan and the home style Another thing about is basically if there’s foundation on the ground Anything up from that just about you’re going to be able to add into the renovations. So You know, those are the three different types again. I don’t want to get too far into it. Whatever you can think of We’ll talk it through There are some limitations on what you can do what you can for example you want to you know, build a barbecue pit No, I mean like there’s there’s certain things that we can and can’t do However, I know that Fannie Mae is in talks right now about adding things like outdoor kitchens and things like that So don’t say no just any time. You have a question or you know, someone or whatever just reach out to us We’ll see where we are at that point of the guidelines, but I want to talk about for the homeowners Why why would I want to do this? Why would I just sell my home grab my equity and put money down on to another property? Well, as you know inventory all around the country is low. Like we’re having we have Realtors all the time talking about how Where they’re having to drive further and further out? You know the kid people with want to keep their kids in certain school districts You’re buying an older home and it needs renovation. You’ve been in that home for a long time and things just Depreciate just become obsolete there that there is a functional obsolescence. There is things that go wrong Just like a car so anything might just need a touch-up or just needs an update So as an as a home owner, what are my benefits okay. I want to make my home new again I need to refresh it I want to get work done to it so I can sell it at the highest value possible to take even more equity and put it into that new house and maybe I don’t have to live as far out as I as like As I would normally have to because of home values. Maybe I can buy Somewhere closer now because I’ve done all this work Or maybe I just fall in love with my house all over again because now it’s fresh. I know it I love it and you just fall in love with things that you are making beautiful that you’re refreshing that you’re touching up So as a homeowner Redoing your house and selling at a higher value filling. Well again, obviously, it’s it’s a wonderful product Now if you’re a buyer same things it gives you more choices You’re out there looking at homes And if you can see past the pink walls The yellow toilet the all the crap that’s going on in these listings that need work if you can see past that have some vision They you can you can take a house Knock down walls build out a new kitchen do all kinds of things and make it your own and in an area that you want or a school district that you want or Whatever they would like the kind of architecture that you want. You know, some of these houses are being built out and out now There’s a little bit more cookie cutter. You might want some more character Whatever the case may be so you know being able to customize your home for you, whether you’re living in it, you’re buying in it buying it right now is is It’s it’s awesome to me. I love it there, you know, is there some pain points? Yeah Because we were doing the contractors doing that but it’s so worth it and the benefit the value that you get at the end It’s just awesome I mean if you’ve ever redone a cabinet or done an art project imagine this like tenfold it’s incredible It’s it’s so gratifying I Won add to you like garage build outs for investors out there on that home style loan I was talking about you could take a duplex and make it into a single-family You can make take a single-family and making it into a duplex. There are really fun things you can do as an investor as well And for the agents out there, you know as an agent, I strongly strongly urge agents to become experts in or become experts in in renovation one or both start thinking about it that way because Not only will it’s going to give your buyers more options if you can help them see past the ugly landscaping the horrible paint the yellow tile the pink shag rug floor I mean all that if you can help them see past that and give them some vision on some of these properties that need to be redone and there are areas and neighborhoods and and all in all areas of the country that Severely need to be done or be gentrified or be so that it builds out the community and it builds out the value with you the more houses that get redone and these inner city neighborhoods the better it’s going to be the values will continue to Maintain or rise? So what’s what’s good for that? It’s good for the community. It’s good. It creates velocity It’s good for the economy. It’s just good for everyone And you know as a Realtor if this gives you extra ways to market you can partner with us We have we are the number one renovation lender in the country by a landslide and I’m not saying that most it’s like literal numbers by a landslide the number one motivation lender in the country and I strongly believe we’ve been we Have worked tooth and nail since I’ve worked I’ve been here six and a half years and I’ll tell you the truth when I worked at my previous place I wouldn’t touch a renovation loan. They didn’t know how to do them. It was horrible. The process was horrible here It’s just like doing a regular loan. So this is for everyone for buyers homeowners Realtors This is like a regular loan so the heart the only thing different from doing from For us and doing it regular loan is that you have to get your bids done a cut So you get your bids as soon as you have your bids done and you’ve worked it through contractors It goes through the process just like a regular loan and we close So it is now your home ownership has been transferred. The title company has closed a loan everybody’s done at that point the buyer works with our concierge department with with the contractors and the hood consultants and gets everything done and Make sure in our clusters make sure and the HUD consultant make sure that there’s eyes on the project that everyone’s safe that our interest As a lender is is being protected as well as the buyer. So these are I mean, it’s it’s an awesome product Even if no matter where you are if you’re inner-city going out. I mean no matter what you’re doing as a Realtor I really strongly strongly urge you to reach out to us get some marketing materials from us We start talking to your buyers about it So yeah you know getting more listings start talking to your sellers about it because some sellers are out there and they’re just staying their house because They don’t know that They think they can they can only get a cash offer. They think well, this house is not eligible for financing Show me show me a house. That’s not eligible for renovation financing show me because even if you don’t have foundation I’ve got a construction of perm product that I can talk about next week show me there’s oh there is financing available for just about every Listing out there in some way shape or form unless this is just a complete teardown which again we have a construction repair and product For that so tell show me one that’s not financeable I mean, I feel very strongly about this because I see so many people Not know their options I see sellers lose money Stop paying their mortgage because they can’t afford the taxes on anymore because and they have to often get a a cash offer I see Friends of mine and clients get bad information have to move away from the school district that they needed for their child that they want if the job move their child outside of the school district where that child had all their friends and move somewhere because they did not know that they could get a renovation loan with basically no money out of pocket an Appraisal everything’s financed and you’re hit your hand is held through the entire Project and it’s gratifying. It’s amazing. It helps everyone. So I Don’t mean to sound mad about all that I don’t music to to get too emphatic about it, but I do feel strongly about it It’s an awesome product If you have any more questions whatsoever on the renovation loans the construction of perm which basically build build up from the ground up Obviously any kind of loan or finance I? Always say reach out. We will help you in every way shape form Possibly we can we will give you all the information that we need we will guide you and hold your hand through the entire project and Make sure that you feel safe in your transaction. So again, I am Brady wittmeyer. I Hope that I got gave you some good information this week. I would love to see I will answer all of your questions that are in the comments as we go and tonight or tomorrow and I Will be back next week Wednesday at 6 p.m. To talk to you soon. Thanks

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