According to the National Association of Realtors, inventory of “existing homes” fell 19.2% annually to only 1.47 million homes for sale at the end of September. Also, this represents a 2.7-month supply at the current sales pace. That's the lowest level of inventory since 1982 when NAR started tracking this metric. The inventory of affordable starter homes for first time home buyers within that data is almost nonexistent! Yet in every market there are homes offered for sale that are often overlooked by realtors and buyers alike. Homes that are listed with the words, needs TLC, sold as-is, has tons of potential, diamond in the rough, REO or the most recognized fixer upper.
These properties are often discounted because of their age, condition or status. Realtors and home buyers often don’t see these properties as viable inventory because of the perception that they require “cash only” to close. Buyers also have some trouble seeing past the current condition and looking at the opportunity to make a good home great. The discount on these properties can often be a buyer’s best opportunity to find affordable homeownership.
FIX-IT Mortgage by Advisors Mortgage Group is a solution to both the financing and the condition issues. FIX-IT Mortgage is a Renovation Lending Program. The program includes eight government and conventional renovation loans for owner occupants and investors at current market rates with as little as 3% down. FIX-IT MORTGAGE includes, FHA 203(k) Standard and Limited, Fannie Mae HomeStyle, HomeStyle Investor, Freddie Mac CHOICERenovation, VA Renovation and FIX-IT Mortgage Jumbo
A renovation loan is a single mortgage loan that provides the financing to buy any home in any condition, as-is, and includes the money for updates and improvements. At closing, the seller is paid, and the money for the improvements is placed in an escrow for the buyer and their contractor. Then, through an easy system of inspections and draw requests, the work is funded from the escrow account.
Realtors often have a perception that renovation loans don’t work well. That they can’t close on time, and that they require too much paperwork. For those reasons they discourage buyers from looking at these great opportunities. Yes, there are added steps to the process that require time and attention. At Advisors Mortgage, we have a team of experts with decades of experience helping families buy homes that need work. Our FIX-IT Mortgage experts routinely deliver renovation loans as smoothly and quickly as any other loan type. Our experts work directly with the realtor and buyer and guide them through planning, application, processing, closing and then through to the completion of the project.
Have you been looking for that Perfect Home? You know, the one you have been dreaming about but cannot find anything you can afford. Have you looked at homes that you may be able to afford but they need TLC? With the right vision, that home could be the opportunity! With FIX-IT Mortgage by Advisors Mortgage Group you can BUY IT. FIX IT. and LOVE IT!
About Advisors Mortgage Group
Advisors Mortgage Group is a multi-state mortgage banker with more than thirty branch locations across the country. Focusing on residential lending, Advisors prides itself on maintaining a local and personal feel to help each and every customer feel the comfort and protection that their home financing needs are in the right hands. Advisors has been on the Best Places to Work in NJ list for the past eight years, making sure that all employees feel like Family, while also maintaining the customer service standards that the company was built on. The mission statement at Advisors is that we take care of our family, who help us take care of our Customers, which allows us to give back to our Community.Contact Details
+1 800-778-9044Company Website
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