As a Loan Officer who specializes in renovation financing I wanted to illustrate how the HomeStyle® renovation mortgage from Fannie Mae can be helpful in funding the purchase and remodeling of a historic home. Or if you are an owner of a historic home this loan can be used to provide funding for a renovation. This loan is helpful … Read More
Before After In my role as a Loan Officer specializing in financing residential rehab projects with the conventional … Read More
This year I have met many clients who are exploring whether to buy a property to rehab or not. Other of my clients are thinking of a rehab on a home they have purchased in the last few years that no longer serves their needs. In some cases there is a fear of doing a renovation that I detect. As … Read More
Traditional Size Bungalow above Larger Yellow Octagon Front Bungalow Being a Chicago resident I am very familiar with the traditional brick Chicago bungalow style home. My grandparents had one I spent a lot of time in while growing up. As a family we had many happy times there and made great memories. There was something about the basic, functional … Read More
First Time Buyer? Do you know a mortgage exists that includes rehab funds ? In one Loan ! If you have read my Blog before you know it’s my passion to spread the word about renovation mortgages ! It’s the best kept secret in home buying. Buy the home with a small down payment and add … Read More
How to Finance a 2 Flat Rehab As part of my job in assisting clients with financing of properties and related renovation costs I answer many questions. One frequent question asked is, “Will it be worth all the effort ?”. Meaning will it be a good financial move for them, will the project turn out pleasing them, will the renovation … Read More
Don’t Walk Away From a Fixer-Upper Use HomeStyle Renovation Mortgage to Buy & Rehab It My goal as a Loan Officer is to get the word out and educate everyone on how to buy property and add money into the same loan to do remodeling and updates. One of the least known mortgages out there is called … Read More
Are Student Loan Payments Stopping You From Buying a Home? In my role as a Loan Officer who specializes in renovation loans I speak to many potential buyers. These days it is not uncommon for a first time buyer to have student loan payments that are actively in repayment or will one day be in repayment after any … Read More
In my work helping people finance and plan home renovations I’m asked what types of loans are available. Many times the first loan option that is known would be the FHA 203K. Previously I have written the top questions and answers on 203K at http://perryfarella.com/2014/09/top-20-questions-buyers-owners-ask-fha-203k-renovation-loans/ . There is another rehab loan option called HomeStyle. Here I will answer the top … Read More
How to Buy and Rehab a Mixed Use Building with a 203K One of the little known uses of FHA 203k financing is to purchase (or refinance) a small building that has both commercial space and residential space. This is allowed by FHA only for owners who will live in the residential space. The commercial space can be leased … Read More