Making it Work with Renovation Financing

Here in South Bend, Indiana, buyers are having a tough time.  There just don't seem to be enough good homes on the market right now.  They're looking and looking, but nothing is working.  To make it even worse, when they are finding a good one, it's often sold before they can get an offer in themselves.

Great time to be a seller, right?  Tough time to be a buyer though.

So what should a buyer do?  Keep looking, of course.  Trends like this can change quickly and the right home could come on the market at any time. 

They also should consider some 'out of the box' options like renovation financing.  Renovation financing lets a buyer buy a home that works in terms of size and layout but that may have mechanical or cosmetic issues.  They then roll the cost for upgrades and repairs into the new mortgage to make the home what they want it to be.

Here's a quick overview of the FHA Streamline 203k renovation loan ...

 



To learn more about this and other aspects of mortgage financing, please visit my YouTube channel at www.youtube.com/SouthBendHomeLoan.  If you have specific questions, feel free to contact me at lori.hiscock@ruoff.com.

 

 

Lori Hiscock is a Sr. Loan Officer at Ruoff Home Mortgage‘s South Bend office.  One of Michiana’s top mortgage loan officers, Lori started her lending career in 1995 after obtaining her bachelor’s degree in Finance from Western Michigan University.  You can connect with Lori Hiscock or apply online here. NMLS#404320.

Ruoff Mortgage Company, Inc. is an Indiana corporation licensed by the Indiana Department of Financial Institutions (DFI) and operates with the following licenses:

Indiana-DFI First Lien Mortgage Lending License #10994;
IL Residential Mortgage Licensee #MB.6760734;
Michigan 1st Mortgage Broker/Lender License #FL0017496.