Shop around for a mortgage broker they have access to many banks, private lenders and many different programs. Choose one that can answer all your questions and give at least two financial options in your first meeting. The internet is a great research for mortgage brokers.
Predictions for 2013 include home prices continuing to increase as the real estate market stregthens. It will be a good idea to shop around for a mortgage broker that can assist you in this type of loan.
Ken, my post in your other thread pretty much answered this question as well as your other questions in that thread. I'm posting the link to it below, if you still have questions, feel free to follow-up with me.
Two little-known home renovation mortgage programs offer solutions for buyers and homeowners who want to renovate.
Fannie Mae and the Federal Housing Administration have home renovation mortgage programs that allow buyers to borrow based on what the house is expected to be worth after the home rehab is completed. Homeowners can also use both programs to refinance their existing mortgage plus the renovation costs into one loan.
FHA's 203(k) program and Fannie's HomeStyle Renovation Mortgage have been around for years. In the old days, when most borrowers could easily get second mortgages or generous credit lines to pay for renovations, these loans weren't as appealing as they are today.
Home renovation loans in demand
"A couple years ago there wasn't as much demand for these loans," says Leesa Sandoval, a loan officer with PrimeLending in Dallas who specializes in renovation mortgages. "But now they are great to get some of this (housing) inventory sold and get these foreclosures out of the market."
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The FHA insured 22,491 home renovation mortgages in the 2010 fiscal year, according to the agency's latest report on 203(k) loans. That is more than six times the number of 203(k) loans the agency insured in 2007. Fannie says the volume of HomeStyle loans has picked up recently, but declined to provide details.
Dustan Shepherd, a loan officer and 203(k) specialist with BNC National Bank in Overland Park, Kan., says while demand for the rehab loans is up, many borrowers are not aware of the programs or think they are too complicated.