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