BiggerPockets


Buy A Las Vegas Home And Remodel It With One Loan

Posted on Friday, January 24

Las Vegas Rehab Loans

There are many homes on the market in Las Vegas that would be amazing with a few simple improvements and people simply ignore them. In most cases buyers have saved their down payment and simply don't have enough free cash to rehab a home after they purchase it. If you are going to buy a home in Las Vegas these loans that may give you an advantage over other buyers by allowing you to buy the home that needs a little "love."

FHA Rehabilitation Loan

A Rehabilitation Loan, also known as a 203k loan is an FHA, owner-occupied first mortgage loan that gives you the cash needed to do repairs or renovations on the home you're buying or a home you already own.

  • One loan covers both the purchase and the improvement.

  • A standard 203k can give you the money to do major renovations.
  • The streamline 203k allows you to make improvements such as kitchen and bath remodels for up to $35,000

We can help you better understand this program and all the ways it may benefit you.

For details on FHA Rehabilitation Loans contact Lisa Czajka at 702-900-3955.

Fannie Mae HomeStyle Renovation Mortgage

HomeStyle provides a way to make repairs or improvements to a property so it can go from a fixer-upper to a dream home. Our lenders are trained and certified in this program and can provide eligible home buyers with benefits that include:

  • The ability to purchase a house and the cost of repairs into a single mortgage.
  • Repairs can include minor fixes to major reconstruction.
  • No minimum repair amount and the maximum amount can be as much as 50% of the "completed" value of the property.
  • Repairs can include: Structural and non-structural, landscaping, and site amenities. That means a POOL!

We can help you turn that house into the home of your dreams and a place where memories are made. HomeStyle loans require a minimum of 5% down and rates get better as the down payment increases. If you're an investor you can use this loan to purchase and rehab a duplex, triplex, or fourplex to increase your cash flow. For details on Fannie Mae HomeStyle Loans contact Lisa Czajka at 702-900-3955.

Energy Efficient Mortgages

If you're looking to purchase a home 10 years or older you may want to consider getting an FHA Energy Efficient Mortgage loan. This loan helps Las Vegas home buyers save monty on their utility bills by allowing them to finance the cost of adding energy efficiency features to their home. Buyers may finance up to 5% of the properties value to make energy efficient home improvements.

Some qualified improvements include:

  • Effective Insulation systems
  • High performance windows
  • Air sealing and ducts
  • Efficient heating and cooling equipment
  • Lighting and appliances

Qualification for this program is very simple. Once the improvements are identified a study is completed to determine the monthly energy savings of doing the improvement. If the savings exceeds the monthly payment of the repairs it is approved. This is a simple and effective way to keep your energy costs down and increase resale value when you sell your home in the future. For details on Energy Efficient Mortgages contact Lisa Czajka at 702-900-3955.

The Jamie Cox Group

Serving the greater Las Vegas Valley, including Las Vegas, North Las Vegas, and Henderson.

Buyer Specialist 702-482-7799 Seller Specialist 702-487-0000


Comments

To leave a comment, sign in or create a free account on BiggerPockets today!