By Jason Gelios REALTOR®
5 min. read
This past week Freddie Mac announced a new mortgage product that will allow home buyers to also include the renovation costs in one loan with the purchase price. This will allow home buyers to have more options when looking at homes that are older and in need of repair or renovation.
For example, if you purchase a home for 100k and you need 10k for renovation/repairs, your new loan would be 110k.
It may sound simple but this option was not offered before in this capacity. Sure the FHA 203k has been around helping people achieve almost the same thing. But many people were not fans of that mortgage option due to the many hurdles it came with,
This new mortgage named CHOICERenovationSM will give also help sellers reach potential buyers that would otherwise not be interested in a home if it need some work.
So why this new mortgage?
Well, this type of loan has been introduced to address the aging homes that are out in the market. Many homes are older and in need of work that most sellers will not complete just to sell there home.
I see this type of loan benefiting first time home buyers and millennial's who don't have the cash flow necessary to repair or renovate a home up front.
Reach out to me if you are looking to get into a home with this or any other type of mortgage.
Jason Gelios is an award winning top producing REALTOR® with Community Choice Realty in Metro Detroit, Michigan. Buying or selling real estate is a very important decision and probably the largest financial decision you will ever make. This can have a lasting impact on your life.
Whether you are purchasing for the first time or planning to sell your existing home, Jason will help you navigate through the entire process to keep it as simple and stress free as possible while helping you achieve your goals.
Jason Gelios is well supported by a team of financial and legal experts, qualified home inspectors, appraisers and other professionals if needed. "I’m confident you will enjoy my professional and enthusiastic style of doing business and my knowledge of the real estate market!"
Jason Gelios is a Husband and Father. After that, a Top Producing REALTOR®, Author of the book Think like a REALTOR®, Creator of The AskJasonGelios Real Estate Show and an Expert Media contributor.