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Financing Your Home >Finicky Financiers
Buying an old house to fix up has an attraction for many people. If you can find a house with charm and character, a renovation may enable you to create just the living environment that you want. You should start with a good real estate agent to help you locate the right house and recommend lenders who make both acquisition and construction loans.
Financing a renovation is perhaps the most difficult part of the whole project, especially if the house needs extensive work. Few banks will make these loans to people who are not professional developers. You should prepare for your loan application by having a written proposal. It helps to have an engineer's report or architectural plans and to include estimates from contractors covering the costs and timetables for the work to be done. Your real estate agent can help you put together a market analysis of the neighborhood to show that you will not be over-improving the property compared with other homes in the area.
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Who is "Freddie Mac", and why is he a big name in real estate?
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"Freddie Mac" is the nickname for FHLMC, the Federal Home Loan Mortgage Corporation, which buys mortgages from lending agencies, thus allowing lenders to continually replenish funds for new mortgage loans. |
See More Real Estate Trivia > |
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Jodi's Team Coldwell Banker United Realtors 2513 Quartz Harker Heights TX 76548 888-763-0343 254-289-3020 254-200-3849 Fax: 254-526-0375 License#: 438088 soldbyjodi@NUMBER1EXPERT.com
Jodi MacHardy has been serving the Greater Ft. Hood Area as a realtor since 1994 and has consistenly been a multi-million dollar producer for Coldwell Banker United Realtors. She is designated as a Military Relocation Specialist, an Accredited Buyer's Representative, and a Certified Residential Relocation Specialist. In 1997, she was voted #1 Sales Agent with buyer's closed transactions within all three local Coldwell Banker offices.
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