A limited inventory of existing homes for sale means that buyers may not be able to fulfill every desire on their wish list. That’s why real estate professionals should be ready to help clients who purchase a home with the intent to renovate what they don’t like after they move in.
Renovating a home post-closing may sound like a daunting task – and a pricey one at that – to many buyers. But that’s why lenders are increasingly touting mortgages that allow borrowers to purchase a house and renovate it under one loan. FHA’s 203K and Fannie Mae’s HomeStyle loans are two popular options for home buyers wishing to finance their home and its renovation in one lump sum.