Fixer Upper with Renovation Loans
Have you been looking for a home for a long time? Maybe you have missed out on homes that are walk in ready or looked at properties that need work, but don't have extra cash to fix it up.
Not every home is in move- in ready condition. A renovation loan opens up more choices to your buyers in a low inventory environment. It’s a great way to buy a home and make improvements, with just one loan!
Monument's Road Map to Renovation Home Ownership
Get Pre-Qualified. Find a loan officer to help you determine how much you qualify for.
Find a Realtor. Search online or ask family/friends for referrals.
Start Searching. Research homes and set appointments to view.
Find a Contractor. Find a licensed contractor to create your renovation project and get prices on your remodel.
Make an offer. Review market data and make an offer ASAP.
Apply for a Mortgage. Update your pre-qualification based off the accepted offer.
Get a Contractor Bid. Your licensed contractor will give you a detailed bid to show your scope of renovation.
Mortgage Commitment. Your loan approval confirms the terms of the loan and satisfies contingency date
Closing. Attend your loan closing and now you’re a home owner!
Renovation Begins. Renovation work begins and your contractor will be paid draws throughout the process and paid in full upon completion
A Loan Officer can help get you started on your road to home ownership!