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How Renovation Loans Can Boost an Aging Housing Market
Morgantown homes for sale run the gamut from brand new to full of history. The median age of a home in the United States is 37 – half are older and half newer. Some markets skew toward older homes, so buyers get even more value when they're prepared to do a little renovation. No matter when your new home was built, our real estate agents want to help you make the most of it.
Buyers shouldn't be intimidated by the thought of renovating a home. Making a few upgrades and updates will put your own imprint on the property from the very beginning. At Heritage Real Estate, our team has been working on innovative ways to make the whole process easier for you.
That's why it's important to know about the Fannie Mae HomeStyle Renovation Loan.
The Power to Rejuvenate an Older Home
There are plenty of reasons to choose a home with age and character. It might be right in the perfect location for you, or just the right size for your family. It may have your dream backyard. Whatever the case, older homes can often surprise you, offering a lower asking price and very high value.
Of course, you may need a renovation budget. And the Fannie May HomeStyle Renovation Loan is the solution.
Recently, we had the opportunity to host an expert on Fannie Mae at a lunch and learn sponsored by the Heritage Real Estate team. During that talk, we learned just why the HomeStyle Renovation Loan is becoming more popular and how real estate agents can help homebuyers like you smooth the path to financing.
The HomeStyle Renovation Loan is an all-in-one home mortgage loan with a twist. It allows you to:
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Get the home loan financing you need for the property you want
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Finance all anticipated repairs and renovations at the same time
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Enjoy the convenience of a single loan product for all your needs
No matter whether you're buying a home to live in full-time, part-time, or as an investment, this may be the best loan for you. It lets you finance just about anything that will be permanently affixed to the property: interiors, landscaping, luxury features such as a pool, or even an accessory dwelling unit for rental income.
Property not habitable yet? No problem: You can get up to six months of financing to live elsewhere.
How Does the Fannie Mae HomeStyle Renovation Loan Work?
To see if you qualify for a Fannie Mae HomeStyle Renovation Loan, start by speaking with your real estate agent here at Heritage Real Estate. We will help you find lenders so you can compare your loan options and get pre-approval — a crucial step, since it lets you bid on the home you want faster.
Once you know how much financing you qualify for, your agent works with you to find a property that fits your budget. If you borrow $200,000, you might look for a $125,000 home so you have an ample renovation fund. Discuss plans with your agent to know how much the property may be worth after renovation!
From there, you select contractors and get bids — then your lender signs off final approval on the work.
After our recent lunch and learn, we're more enthusiastic than ever about the potential of the HomeStyle Renovation Loan. If you're looking for a great way to give a little TLC to a fixer-upper, it may be ideal for you. Our team goes the extra mile to help you make it happen. Contact us to get started.
Bill Porter, Broker
(304) 612-3746207 Aurora Dr
Morgantown, WV 26508
WEST VIRGINIA LICENSES BROKER WVB240300963
AGENCY 010271-00
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Office License No. 010271-00