Hi, I found this blog written by a Realtor in Florida. The same guidelines apply for NJ residents. if you would like more information on renovation loans contact Roy Giordano I hope you find this information helpful.
My work number is 561-616-2661
My cell number is 561-262-5366
Renovation Loans Florida - Remodel Express is a program that is gaining popularity as more closings occur. This loan is a wonderful enhancement to the FHA 203k Streamline Loan. I have closed quite a few that last few months and in each case the clients were happy working with the local Big Box store they selected. By going direct to the home improvement store they were offered one stop shopping. The stores that we use now are Home Depot and Lowes.
Working with the local store managers is a great way to provide a level of comfort with our clients as the work is guarenteed to be done to a level of 100% satisfaction. This elimenates the concern of hiring a contractor or contractors and the workmanship provided. Renovation loans in Florida are done everyday through the Remodel Express program and through the regular FHA 203k Streamline loan, and both are done with contractors that make sure clients are happy with their work. It seems to me that with the Remodel Express the client is less confused with the process. Not having to worry about the contractor validation reduces the time and stress levels.
Remodel Express loans do have some items that are not allowed when compared to the FHA 203k Streamline loan. One is that the borrower isn't allowed to do any of the work themselves (so called self help). Another term for this is sweat equity. If the borrower wants to use his own sweat equity they must use the FHA 203k Streamline loan and not the Remodel Express.
Another thing that Remodel Express Loans may not be able to handle that the FHA 203k Streamline K is mold! The mold may require a separate professional to re mediate the problem and although it is allowed under the FHA 203k Streamline and the FHA 203k regular loan, at this time it can't be done under this program. Well, septic, termite are also issues that are being looked at by the big box stores but may require the need to go from the Remodel Express to the FHA 203k Streamline loan in FLorida.
Since the program is in it's growing stage, you need to contact me to determine which option is the best for your situation. I can provide any of the following Renovation loans in Florida, FHA 203k and the FHA 203k Streamline, Remodel Express, and the Conventional renovation loan program. The conventional renovation loan allows for primary, secondary and investment properties. Purchase and Refinances are available.
This Blog is my opinion and does not represent the views of my employer Wells Fargo Home Mortgage in any way.
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My website - www.Reno-Mike.com
My cell 877-226-3517 or local in Palm Beach County at 561-262-5366
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