If you have been finding the current lack of inventory a challenge, you may want to consider a renovation mortgage. A renovation mortgage (or rehab loan) allows you to finance improvements to the property beyond the sales price of the home. The renovations begin after closing and there are no restrictions on the types of improvements. You can even use this on your existing home as a refinance if you love your location and neighbors and just want to make changes to your home.
The possibilities are endless!
- Gourmet kitchen to delight the chef.
- Turn the meh bathroom into a luxurious spa.
- Add a second story.
- Build an Accessory Dwelling Unit (attached or detached).
- Create a backyard oasis.
- Swimming pool? Sure!
- Any other remodeling projects you can dream of!
This program is available for primary, vacation and rental properties. Owner occupied homes may have a down payment as low as 3%.
This home pictured in this post is located on 1/3 acre in the Renton Highlands and is currently listed for sale offered at $645,000. Offers are being reviewed this Wednesday, May 8, 2024.
In my opinion, it’s a great candidate for a renovation mortgage, especially considering the new zoning changes recently passed in Washington state. These garages could potentially have ADU’s added to eventually provide rental income and/or house a family member.
We have conventional, FHA, VA and an All-in-One Construction loan available to help transform your next home. In fact, you could even use a reverse mortgage to purchase and remodel a home!
Contact me for more information! I’m happy to help you build a plan for your next home.
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