Fixer Upper with Ron Byrom

Tell me what’s going on in the market in general:-         Rates are down-         Inventory is tight-         Inventory is the tightest in the affordable housing segments-         Renovation mortgages are a huge tool for those wanting to broaden their searchTell us about renovation mortgages, I know that’s your specialty…-         1 loan for purchase and for repairs/renovations-         Great for needs AND wants-         Work is done after closing-         Appraisal is based on “as improved”-         Several types:o  FHA 203k – great for 1st time home buyers. Owner occupied only. 1-4 units. Can use DPA. Generous seller concessions. Can pair with $100 Down program on HUD REO properties. Caps out around $315K loan amount.o  FNMA Homestyle – owner occupied and 2nd homes and investment properties. 1-4 units for owner occupied. Can do “luxury items” like a pool. Can go to higher loan amounts up to $484,350.o  VA – must be a qualified veteran with VA entitlement (mention Bluewater Bill), owner occupied, 1-4 units, 0% down, generous seller concessions.What should a customer consider when shopping for a renovation mortgage and can these be done asa refinance as well?-         Experience #1 and products #2-         Don’t be the person who is getting practiced on with these products. I have done over 600 of them and would not consider myself to have been a real master of them until I had done about 100.-         “If you are a hammer, every problem looks like a nail”… if your lender does not have all these products then they are looking at putting you in what they have available versus putting you in what fits you best.-         These are awesome for refinance opportunitieso  Tight equity scenarioso  Better than high interest credit cardso  Avoid dipping into savings or retiremento  Go to higher LTV’s and go off “as improved” values Hosted on Acast. See acast.com/privacy for more information.