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Kim Martin's Blog

By Kim Martin | Broker in Great Falls, MT

New Renovation Loan

I had a great conversation with a lender that stopped by my office today.  Wells Fargo Home Mortgage has a new conventional loan product on the market!  It's called a the "Purchase & Renovate Loan", which seems to be similar to the FHA 203K product.
  
Buyers will still need a minimum of a 5% down payment, but the repair or improvement price is added to the purchase price and the appraisal is based on the Improved Value, rather than the "as-is" value.  

That means, if you like the house, but there is no garage, you might be able to add one!  Or, if you'd make an offer but you HATE the carpet, you could make that work too!  Are the windows old and drafty?  Does it need a new furnace?  My goodness, think of the benefits.  :-)

Obviously, everything is based on your good credit, contractor bids, appraised value, etc., but this is great news and a wonderful opportunity for our market.  Call your Wells Fargo Home Mortgage Rep for more information, then give me a call so we can start looking for your new home...

*** I am not a Lender, and do not claim to know everything there is to know about this loan program.  Availability and rules could be subject to change - please consult with the experts

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