Georgia housing inventories have been quietly tightening and housing prices have been steadily rising. These two factors have combined to make it difficult for so-called “move up buyers” to transition from their first homes into bigger and better homes that suit their growing families. Options for a Renovation Mortgage may be the solution for many of these buyers.
With this situation facing more buyers in the Coastal Georgia markets and elsewhere in Georgia and Florida, many are choosing to stay put. However, there are options to refinance and improve your current home, or purchase and renovate a new home simultaneously.
These loans require one general contractor to complete all the work, and no self-builds are allowed. The GC must be licensed, insured, and be able to provide homeowner & vendor references for projects completed in the last 12 months.
Two separate loans to purchase and renovate can be time consuming and expensive. Luckily, there are two programs that offer a one-time close renovation mortgage with one monthly payment and one set of closing costs.
Those two programs are the FHA 203(k) Mortgage and the Fannie Mae HomeStyle Mortgage. Let’s take a look at the two different programs:
Additionally, CCHL offers some other specialty renovation mortgages that may fit your needs. Contact me for more details.
These renovation mortgages provide flexibility and options in our current housing market that you might not have imagined. Call me today for more details at 912-771-2115 or Apply Online for your custom mortgage consultation and total cost analysis.