VA and FHA Purchase Renovation Loan

VA and FHA Purchase Renovation Loan



hey there Andrew texted or with homesmart realty here at the Biltmore in Phoenix Arizona and today on this episode of all things real estate I'm gonna talk to you about VA and FHA rehab loans now these are loans that you do when you make a purchase of a home that needs renovation or updating and it's a really good idea because not many people are doing it and you can get the home you can customize a home the way you wanted to rather than maybe buying a flip that somebody's done to their taste okay so I just want to tell you a little bit about it because they definitely are more advanced it is a little bit more difficult to bolon not all lenders know how to use to do them and there is a very specific timeline and procedure so let's just I'm going to use some round numbers for example on the purchases let's just say you found a home for about $250,000 that needed renovation right and so maybe the house is worth $300,000 if it was Turkey and moving ready and so there is an intermediary who is basically the quarterback of the whole transaction they're approved by VA and FHA to basically be in control of the transaction and what they do is they make sure that all bids are reasonable and in line they make sure all the contractors are licensed and bonded and insured and then they make sure that everyone does their job after the purchase is complete so how it works is today you bought a $250,000 house fifty thousand dollars in renovations your purchase price is $300,000 your loan would be based your loan and your down payment depending on if your VA or FHA would be based on that purchase price and then once we once you're closed the intermediary it would get right in and get the contractors doing their work so that they can finish up and get you your house to move into and as quick a fashion as possible now the other thing the intermediary does is she makes sure all the work is done properly before he does or she does make sure all the work is done properly and signs off on drawers to get these contractors paid so it is like I said it is more in-depth but because it is a lot of people won't do them and I do them my lenders do them so I'd love to help you do a VA or an FHA rehab loan my name is Andrew texture or homesmart realty here at the Biltmore area I work all over the valley you can reach me on my phone or by text at 602 nine zero nine ninety 414 you can find me on Facebook direct message me here on Facebook email me at Andrew texted or at gmail.com follow my website thanks for spending a couple minutes with me and if you learn something or you know somebody that can benefit from this information share this video with them have them contact me thanks so much make it a great weekend

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