Renovation Mortgages and Florida Foreclosures: A Great Combo

By October 11, 2012Traditions Property Blog

Florida foreclosures are a great way to purchase a home on a dime. As foreclosures in Jacksonville–as well as around the rest of the nation–have steadily remained popular over the past several years, more people have looked to property sales in Jacksonville as a mode of investment. Property sales are a great way to invest money, especially if you are willing to purchase a home that could stand for a substantial amount of home improvements. FHA home loans are mortgage loans that are insured against default by the Federal Housing Administration (FHA), search here for mortgage broker. That is why it comes as no surprise that home mortgages are becoming more and more popular—especially here in Florida. Make sure you contact plumbing companies Vancouver for any kind of bathroom renovations. For take great pride in our extreme professionalism, timeliness, and superior customer service on every job of roofing, Then visit to https://jonroofingandsiding.com site.

Renovation mortgages are federally backed loans that are designed to help property buyers put much needed funds into a property so that it is suited for re-sale or rental property management. More homeowners are choosing metal because as an individual, your budget is limited and metal roof replacement costs are lower than other materials over time. This includes fixing damages like mold and leaks, as well as installing new appliances and equipping the house with other energy saving amenities.At Bradco we strive to offer the most innovative kitchen faucets and plumbing fixtures available on the market.

These are known as 203k mortgages, and they can help property owners make the changes a house requires to be up-to-par—especially in the historic parts of Jacksonville where many of the older homes are in need of substantial upgrades and repair.

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Why Look into a “Renovation” Mortgage?

Renovation mortgages are different than traditional home equity mortgages. While anyone can take a second mortgage out on a home to pay for repair and renovation, the specialized renovation mortgages are given for the exact cost of the repair. That means contractors are brought in prior to the loan disbursement and offer a quote that is then evaluated by loan committees. This ensures that the contractor is quoting a fair price for the renovations, and the loan committees will confirm that the desired renovations are the type that would potentially add value to a home. If you are looking to do really good renovations for an affordable and cheap cost, usually the best option is by using quality wallpapers as mural design for the main and guest rooms. An example of a quality wallpaper that you can use is Type 1 Wallpaper, which easily sticks to your walls. Do you have a home remodeling project coming up that you only feel comfortable entrusting to the most experienced professionals? https://yvrcontracting.com/ is a home renovation company servicing Edmonton, Alberta.

Renovating a home can potentially raise a property’s value by as much as 12 percent, so these renovation mortgages can be a big boost to Florida’s retail market.

In 2007, barely more than 20 individual property owners applied for one of these federally backed renovation mortgages in Florida. During the past year, that number has grown exponentially, with over 1,000 renovation mortgages being granted to Florida residents during the past 11 months alone. If you are looking for the best deal to renovate your kitchen take a look at this Kitchen showroom North London

This could indicate a great new trend for Jacksonville property sales. There are still plenty of properties ready for sale around Jacksonville, and many of them are in need of substantial repair. One of these renovation mortgages could make it easier for someone to put the work into a home necessary for it to become comfortable.

Are you interested in fixing up a Jacksonville foreclosure for sale or rental property management? If so, contact us today to discuss your options.