Did you know that you can buy and renovate a home exactly the way you want for only 3% down in this market? Today I’m chatting with my good friend Charles Puryear from Prime Lending about the house he's renovating and how you can do this kind of project for only 3% down.
First, how would somebody who wants to do a similar project find a place like this? You need a good relationship with your agent. Talk to your agent about your interests and what you're looking for. Charles found this property from a listing by a local agent he knew, so he called and had a conversation with them.
"Get both the purchase price and the renovation loan financed. "
Renovation loans are one of the best-kept secrets. You can finance the purchase of the property, the contractor, and the renovation all in one. If you're a first-time buyer and you qualify for 3% down, you can finance the whole thing with only 3% down. If you're not a first-time buyer, you can expect 5% down. Even investors can do this. This doesn’t have to be a primary residence, but you would have to invest 25% down.
If you want to live in the house you dream about, you can get both the purchase price and the renovation loan financed by Charles at Prime Lending. If you have any questions or want to get connected with Charles, don’t hesitate to reach out to me by phone or email. I’d love to help you.