While reality television sometimes lacks in the reality department, the HomeBridge team happens to be big fans of the Property Brothers on HGTV. Wondering why?
The problems people face on the Property Brothers are actually very common in the housing industry. People across the country, especially first time buyers, are having a difficult time affording the homes of their dreams. New properties in desirable locations are often too expensive and many of the pre-owned homes on the market are dated in terms of design and features. So what’s a home buyer to do?
This is where the Property Brothers have the answer. Each episode, using state-of-the-art computer animation, the Property Brothers convince home buyers that older, pre-owned homes could easily be turned into modern dream homes through affordable renovations. And through the magic of television, they do it in less than 60 minutes! Seriously though, can a simultaneous home purchase and remodel really be that easy and affordable.
Yes it can.
While the HomeBridge team is made up of mortgage professionals, not computer design wizards, we are experts at a something called renovation lending or a FHA 203 k loan.
Renovation mortgages, often referred to as ‘fixer-upper’ loans or by their technical names (FHA 203(k) or FNMA HomeStyle) are mortgages that bundle together a traditional mortgage with a home improvement loan into a managed payment process. These mortgages can be used for everything from fully renovating properties that were foreclosed upon to sprucing up homes that are simply out of date in terms of amenities and features. Allowed improvements will vary based on the type of loan and the state of the property, but they can include kitchen remodels, roof replacement, heating systems, opening up the floor plan or even installing a new pool.
Some lenders don’t offer renovation mortgages, but HomeBridge has a team of experts ready to assist you with your renovation lending needs. To make the renovation mortgage process as easy as possible for the home buyer, as well as the contractors involved, HomeBridge has a dedicated Renovation Concierge Service that supervises the entire process and facilitates payments so everything stays on track.
So what can the Property Brothers teach you about home ownership?
In today’s market, it is becoming increasingly important to have a vision for the home you want, but also the imagination to help you realize that the pre-owned homes on the market can easily become the affordable home of your dreams with a little bit of creativity. To make it happen, you don’t need to be an expert in remodeling, but you will want a renovation lending expert on your side!
Interested in speaking with one of our renovation lending experts on what a renovation mortgage can do for you? Click here to select an office near you and contact one of our associates for a consultation.
A consultation is always free, does not require a credit check, and there is never any obligation to work with HomeBridge later on, even if you do decide to purchase a home.