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10 Steps to Make This Old House into your Dream Home

Anthony Cummuta
Guía de opciones de préstamo

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

RENOVATION ROAD MAP 

1. Once property is identified, all parties discuss renovation loan details and process

2. Approved consultant will meet with client and do a work-up on the property

3. All parties meet with contractor to discuss required repairs and desired improvements

4. Visit design center to create your dream home

5. Contractor provides estimate with description of material and labor codes

6. Platinum performs a maximum loan amount calculation for your new mortgage

7. Purchase price and renovation cost must be equal or less than appraised value

8. Close on home purchase and work begins

9. Up to 6 months and 5 draws to complete work (including consultant approval of all draws)

10. Consultant and appraiser review and provide oversight throughout entire process

About the Author

Anthony Cummuta

Director

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