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New Home Loan Program Includes Remodeling Expenses

Wells Fargo has teamed up with Lowes, Home Depot and Sears to introduce a new, simplified loan programwells fargo home loans focusing on homes in need of repair.  This new program has many key features setting it above and beyond similar repair and remodeling loan programs.  Some of the advantages include.

  • Mortgage amount based on “after improved” market value.
  • Remodeling costs are paid for over the life of the loan.
  • Make only one monthly payment.
  • Much lower interest rates than a charge card.
  • No need to pay high fees for a loan escrow account.
  • Repair and remodeling costs up to $35,000.
  • All the work is completed after closing.
  • For all types of homes from foreclosures to 1 year old homes you want to add your personal touches to.

Following is a partial list of items eligible for this program.

  • Roofs, gutters and down spouts
  • HVAC systems
  • Plumbing and electrical
  • Kitchen and bath remodeling
  • Weatherization, doors, windows, insulation’
  • Appliances, stove, refrigerator, dishwasher, microwave, washer, dryer
  • Exterior decks, patio and porches
  • Exterior siding
  • Handicap accessibility
  • Basement finishing and remodeling
  • Basement waterproofing
  • Fencing

Work must begin within 30 days and finish within 4 months of closing.

Closing cost range from $1400 to $1850.

All work must be performed by a preferred contractor.

Call for additional information or a referral for a Wells Fargo loan officer in the Milwaukee area.  This program is perfect for foreclosed homes and short sales, requiring repairs after closing.

 

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