10 Steps to Make This Old House into your Dream Home

10 Steps to Make This Old House into your Dream Home | blog.phmc.com

With inventory low right now, what’s better? Buying a home you kind of like, or buying a home of your dreams? With a HomeStyle® (Fannie Mae) or 203k (FHA) renovation loan, it doesn’t matter if you purchase the mediocre property on the block, or in other words, like it a lot or a little. You can get a property in your price range and/or desired area you want, meanwhile the not-so-move-in-ready home quickly becomes the home of your dreams. A little renovation goes a long way, and the best part is every personal touch added makes the home truly your own!

Scroll for the 10 Steps to Home Renovation 👇

Click here to download Real Estate Tips for Beginner Investors by Talia Ramos, a successful independent Chicagoland real estate investor.


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Renovation Road Map 

1. Once property is identifiedMagnify Glass icon | blog.phmc.com , all parties discuss renovation loan details and process

2. Approved consultantsilhouette icon | blog.phmc.com will meet with client and do a work-up on the property

3. All parties meet with contractor to discuss required repairs and desired improvementsTool icon | blog.phmc.com

4. Visit design center to create Pencil Icon | blog.phmc.com your dream home

5. Contractor provides estimate with descriptionPaper Bill Icon | blog.phmc.com of material and labor codes

6. Platinum performs a maximum loan amount calculationCalculator icon | blog.phmc.com for your new mortgage

7. Purchase price Money Bill icon | blog.phmc.comand renovation cost must be equal or less than appraised value

8. Close on home purchase Pen icon | blog.phmc.com and work begins

9. Up to 6 moths and 5 draws to complete workHand icon | blog.phmc.com (including consultant approval of all draws)

10. Consultant and appraiser review and provide oversightEye icon | blog.phmc.com throughout entire process

                                    

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Anthony Cummuta

1 CommentLeave a comment

  • The best and my dream home renovation loan has been completed with in 2 months. It is helps for middle class customer to build their own house and loan has been repaid as quickly. It will be fix the small rate of interest and given amount as bulk. Getting loan you must sign with the agreements for pay the loan period and installment amount will be added in that. You can carefully read and put the signature for that. Bank account can be provide for pay your interest.

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