Fixer Upper with Ron Byrom

PATTY'S PLAYHOUSE

English - June 04, 2024 14:48 - 44 minutes - 41.2 MB - ★★★★★ - 19 ratings
Business buying selling investment market mortgage realtor tips market trends renovation staging Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed

Previous Episode: Red Cross

Next Episode: The Brokerage

Tell me what’s going on in the market in general:

- Rates are down

- Inventory is tight

- Inventory is the tightest in the affordable housing segments

- Renovation mortgages are a huge tool for those wanting to broaden their search

Tell us about renovation mortgages, I know that’s your specialty…

- 1 loan for purchase and for repairs/renovations

- Great for needs AND wants

- Work is done after closing

- Appraisal is based on “as improved”

- Several types:

o FHA 203k – great for 1st time home buyers. Owner occupied only. 1-4 units. Can use DPA. Generous seller concessions. Can pair with $100 Down program on HUD REO properties. Caps out around $315K loan amount.

o FNMA Homestyle – owner occupied and 2nd homes and investment properties. 1-4 units for owner occupied. Can do “luxury items” like a pool. Can go to higher loan amounts up to $484,350.

o VA – must be a qualified veteran with VA entitlement (mention Bluewater Bill), owner occupied, 1-4 units, 0% down, generous seller concessions.

What should a customer consider when shopping for a renovation mortgage and can these be done asa refinance as well?

- Experience #1 and products #2

- Don’t be the person who is getting practiced on with these products. I have done over 600 of them and would not consider myself to have been a real master of them until I had done about 100.

- “If you are a hammer, every problem looks like a nail”… if your lender does not have all these products then they are looking at putting you in what they have available versus putting you in what fits you best.

- These are awesome for refinance opportunities

o Tight equity scenarios

o Better than high interest credit cards

o Avoid dipping into savings or retirement

o Go to higher LTV’s and go off “as improved” values

Get bonus content on Patreon

Become a member at https://plus.acast.com/s/pattysplayhouse https://plus.acast.com/s/pattysplayhouse.

Hosted on Acast. See acast.com/privacy for more information.