mortgage news article - doddl

Financing the purchase of A Fixer Upper

December 30, 2020

Not sure you can afford to purchase a home and the necessary renovations In these videos Martina discusses how you can obtain the funds needed to purchase your first (or second) home, and also make all the necessary renovations. As the housing market is growing increasingly competitive we have decided to share the benefits of purchasing a fixer upper. Financing a fixer upper can make the difference between compromising on your purchase and choosing a home you’re sure to cherish for years to come.  Avoiding homes that require renovations could make your house hunt considerably harder.

First-Time Buyer can borrow up to 90% finance.

Second-Time Buyer can borrow up to 80% finance

Loans include financing for both the purchase of the property and the necessary repairs, allowing you to make essential upgrades immediately after closing. Your appraisal report must include an “as-completed” appraisal value that reflects the property’s value after renovations are complete.

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