When you have a home that you would
like to update, enlarge or repurpose - a major remodel / renovation
loan is the loan to use. There are limitations to these types
of loans, however - the primary one being the maximum loan amount,
which is the current conforming limit depending on your county.
If you need a larger loan, you move up to the construction
loan.
You can use this loan for a house you are buying as part of
the purchase, or as a refinance to the house you already own.
The procedures are similar to the construction/perm loan, except
your Plans and Specifications will include remodel activity instead
of starting from the raw dirt. Also with these loans the home
is appraised as though all the work is completed before the work
is started, this is called future value or added value.
Experience extraordinary...
Call Theresa Springer today at 360-210-7984 to
see the difference that working with an experienced home
loan professional can make for you. |
