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Buy a home and remodel it with the same loan.

This revolutionary new lending concept is now available for home loans in the Milwaukee area.

If you are considering investing in a foreclosed property, chances are you will be looking at a lot of properties with a wide range of defects. What happens New Home Lendingnext can be summed up in one of three scenarios.

One
You purchase the property because you are very good with home repairs and you have additional money to complete the repairs on the home of your dreams.

Two
You purchase the home hoping some where in the future you will come up with the extra cash to complete the required repairs. Chances are, you have seen the effects of these hopes and dreams in some of the foreclosed properties you have viewed.

Three
You purchase the home and you choose a lender who offers a home repair and remodeling program.
There are a number of programs available for scenario number three. Choosing the right loan is as important as finding the right home.

You should consider the following options while shopping for a loan.

What are the closing costs.

What figure will the loan amount be based upon? Very few loans are based upon an appraised value which considers the increased value of the repairs.

What is the maximum amount of the repair costs?

Can the work be completed after closing?

Does the lender work with licensed and approved contractors?

When must the work begin?

When must the work be completed?

Is the repair amount an escrow or is it part of the loan?

When lenders use an escrow account for repairs completed after the buyer takes possession of the property, they often require a deposit of 150% of the repair costs at closing. If the property requires $3000 worth of repairs, the lender may require a cash deposit of $4500. This is in addition to the closing costs and down payment.

Finding lenders who offer these types of loans has become a full time job in this industry. To find out more about the types of loans available in Menomonee Falls, and the Milwaukee area, please contact me by Phone at 414-426-1784 or E-mail me at DHerman@Ez1Realty.net. For the Greater Milwaukee and Waukesha, Wisconsin areas.

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