Fact-or-Fiction-Header

Fact or Fiction: My understanding is that renovation loans are only for buyers looking to buy houses in bad shape or properties considered “handyman specials.”

FICTION!

Although it is true that renovation loans can be for properties that are in poor/distressed condition, in today’s market many buyers just want to modernize and update various aspects of their new home to better suit their personal preferences. The National Association of Realtors conducts a home buyer survey each year. The 2014/2015 survey results reflected a very interesting observation about the home buying process. Look at these results:

When first time home buyers were surveyed at the beginning of the home buying process they were asked what they “THOUGHT” was going to be the most difficult part of the process.

  • 73% of those surveyed said they thought the difficult part of the process was going to be the mortgage application and approval process. In other words, they thought that getting the actual loan to buy the house was going to be the most difficult part of the process.

When these same first time home buyers were surveyed at the end of the home buying process they were asked what they “FOUND” to be the difficult part of the process.

  • 53% of those surveyed said the most difficult part of the process was actually finding the right home for their personal interests.
  • Notice, it wasn’t the mortgage process, it was finding the right home.

They noted that the location of the home was what was most important to them. Yes, location, location, location!

  • Commuting distance to work or school
  • School districts
  • Quality of the neighborhood
  • Close to friends and family
  • Close to shopping, the arts and places of entertainment / enjoyment

So, what does this teach us? Home buyers are looking for the perfect location and not the perfect house. Renovation Lending allows home buyers to select the perfect location and purchase a home that is less than perfect. After closing, they personalize and customize the home to make it perfect for their comfort and enjoyment. Find out if you’re eligible for a home renovation loan from HomeBridge.

About HomeBridge Financial Services: HomeBridge Financial Services, Inc. is a leader in home mortgages, which are our sole focus. Our team’s experience and expertise in renovation lending enable us to make the loan process fast, easy and understandable for our customers. With a renovation loan from Homebridge you can turn a house into your DREAM home! Renovation loans are available for purchases and refinances.

Related Articles

[caption id="attachment_104560" align="alignright" width="278"] The Chapman VA Loan Team at HomeBridge Financial now features the VA Renovation Loan[/caption] What is a HomeBridge VA Renovation Loan? As the #1 renovation lender in the U.S., HomeBridge Financial is proud to be one of the few VA lenders in the country to feature…
Read More of the post VA Renovation Home Loan: How to Include a $35,000 Remodel into a VA Home Loan

In fact, Florida is now considered a sellers’ market with increasing price points and an inventory of homes for sale that is at its lowest level in years. Homes that have been recently updated and remodeled are in high demand  and It is not unusual to see potential buyers enter…
Read More of the post FHA 203K Rehabilitation Loan

For some buyers, they may want to purchase a multi-family residence so that they may have renters pay for some of their mortgage.  Some possible problems to this scenario may be renovation costs or even vacancy issues.  A multi-family residence that needs work can be financed using a 203k loan,…
Read More of the post 203K Loans For Multi Units

There's no denying their beauty, but if these plants are ingested, or in some cases merely touched, reactions can range from discomfort to death. It pays to know these potentially poisonous plants, so you can keep children and pets safe around them. Foxglove is used as an ingredient in some…
Read More of the post 11 Poisonous Plants in Home Gardens