Fund My Renovation uses a package offered by a premier home lender called a Renovation Loan. This loan allows the buyer to procure a property AND renovate the property to their liking and receive the full funds for both portions all tied into one loan package.
For example - if approved for a loan amount of $450,000 - buyer may elect to choose a home purchase of $375,000 and place the additional $75,000 into repairs or renovations. By financing your renovations you keep cash on hand, have no need to use credit cards and only pay for the renovations for the time you are using them as they are amortized over the 30 year mortgage term!
As the renovation loan is a standard conventional loan - the rate is only approx .25% above current prevailing rate. This is NOT a hard money 10% loan shark loan - it is a standard conventional banking loan.
No! The great thing about Fund My Renovation is that we have a State Certified Residential Contractor on staff! Our in house contractor will take care of the entire process from permitting to completion.
By purchasing and renovating homes with us you get to choose and create the perfect home for you! A big issue for many buyers in today's market, and really any market - is finding the exact home you want. Either the floor plan works, but the kitchen is outdated - or the lot is great, but you really wanted a pool. With Fund My Renovation you can obtain and create the EXACT home you've been looking for, and the best part is - you're not using any additional out of pocket funds! The costs for renovation are simply rolled into your pre approved mortgage amount! You keep the same monthly payment as if you were buying the 'standard' way!
Nope! The lender will forward the contractor a pre determined amount based on the purchase price of your new home and the renovations you desire! We take care of all purchasing of product and all contractor costs - you never need to write a check!
Any funds not needed are automatically applied to your mortgage balance. As the lender pays the contractor in 3 stages, there is no concern of over paying or being over charged for any product or service. Each step of the process is reviewed and approved by the lender.
As we are able to start your project prior to closing on the home many renovations can be completed as quickly as 45 days from closing.
ANYTHING! You can add a pool, a new room to the house, a pool, a new roof!! You name it - whatever you'd like to do to the home that will improve its value will be approved! Let your imagination run wild!
Yes. As our product is streamlined with three companies, each has a vital part to the process.
Simply visit the contact page and send us your info and we'll be in touch with you! Or you can simply fill out the application located on the about us page!
No. We are taking into consideration what the home will be worth once all of your renovations are complete - the future appraised value or ARV (After Repair Value) is the amount of which we base your mortgage.
Visit our 'Contact Us' page now - fill out your info and we'll be in touch!
Copyright © 2018 Fund My Renovation - All Rights Reserved.