HomeStyle Renovation Mortgage- 3 Quick Examples

  As a Loan Officer specializing in renovation financing I wanted to pass along 3 examples of how the Fannie Mae Conventional HomeStyle renovation mortgage has worked for clients of mine. My own view is this conventional rehab mortgage has not been explained well to consumers and not publicized well. I’m writing today to encourage those who either own a … Read More

Investors Need Cash for a Home Rehab ? Try HomeStyle Mortgage

Recently I was speaking with an investor who buys old houses or foreclosures to rehab and sell. His business model is not to retain these homes and lease to tenants. Rather he buys, rehabs and sells for a profit to replenish his cash. He was telling me he uses all his own cash as he hasn’t found a bank to … Read More

Rehab A Chicago Bungalow !

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 Buyers Can Add Money to Rehab in One Mortgage

                                                                                       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

Don’t Walk Away From a Fixer-Upper – Use HomeStyle to Buy & Rehab

                                                             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

Student Loans Stopping You From Buying a Home ?

             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

Top 10 HomeStyle Rehab Loan Question & Answers

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 Find & Buy A Property Using A Renovation Loan

                              How to Find and Buy a Property Using Renovation Financing:                                                    Realtor & Buyers Renovation Tool Kit I speak with many Realtors who work with buyers. The buyers may have questions about crime statistics, roads, public transportation, local amenities, school system statistics, etc. Many buyers will ask to see properties based on these criteria and more. Buyers are … Read More

How to Work With a Contractor on a Renovation

Working With a Contractor on a Home Renovation Borrowers who are doing a home renovation project with an FHA 203K or conventional HomeStyle loan will be working with a contractor. Even if you will be using your own funds to finance a home renovation you will likely be working with a contractor, usually a General Contractor. Unless you have the … Read More

HomeStyle- Convert a 2 Apartment Building to a Single Family Home

Here in Chicago and other cities there are many two unit buildings that are very old. Often buyers see them as a chance to create a new single family home. This is because the cost may be lower than buying a new home from a developer, or it may be the property is located in a historic area or even … Read More