Do you plan on buying a home that needs improvement? Now you can finance both the purchase and renovations with just one loan!
The Wells Fargo Home Mortgage Purchase & Renovatesm Program features:
- More money. The amount of money you are permitted to borrow for the purchase and renovations is based on the increased value of the home after improvements are made.
- Lower monthly payments. Your renovation costs are spread throughout the entire term of the loan, so your monthly payments may be lower than other financing options.
- Tax deductibility. The interest on the cost of your improvements, included in your mortgage, may be tax deductible.*
- Speed. Start making improvements immediately after closing. No need to wait to put in that modern kitchen or new roof. And, no need to pass up a house that’s in the ideal location but needs improvement.
- Simplicity. One application, one set of fees and closing costs, one closing to attend and one payment each month
Recommended for people who:
- Are interested in buying a house that will need work, but want to avoid going through the hassle of getting two separate loans.
- Need extra financing to improve newly purchased property.
The Purchase & Renovate loan gives you the funds to purchase a home and renovate it, all in a single loan. Unlike first mortgages with a home equity loan to fund renovations, the amount of money you are permitted to borrow with the Purchase & Renovate loan is based on the home’s value after improvements are made. And it works far more to your advantage than other financing options.
Make the renovations you want…now!
By,
Brian Dombrowski
Home Mortgage Consultant
Office: 630-329-3346
Fax: 866-359-2025
Mobile: 630-329-3346
1704 W Algonquin Rd.
Hoffman Estates, IL 60192
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