Have you found a home that is right where you want to live and within your budget, only to find out the property is in desperate need of repairs? To which you may say “that’s fine I’m ok with sweat equity!” To which the banks say “we’re not.”
The conversation that follows is something along the lines of “if you can come up with half down, we may have a shot”. Half down? Might as well be a million dollars; curtains, cut, end of story.
It’s one of the most frustrating conversations a home buyer, a real estate agent and a traditional mortgage lender can have. It’s even more frustrating right now considering the slim pickings on the market.
Common deal breakers are exposed drywall, missing flooring, missing windows, unpermitted additions, unfinished additions, properties that don’t have a working bathroom or kitchen, properties without hot and cold running water, or without heat, all of these homes could be gems if only somebody would let you buy it!
In the past the majority of these properties go to “all cash” buyers who fix the disqualifying problem at a substantial markup from what they bought, making enough money to pay their expenses and turn a profit – and while that’s great for investors with deep pockets we think it’s a shame for families who are trying to buy a home.
After all its homeowners and families who care about their neighbors, have pride in their homes, and uphold their communities – not investors. Enter – the Residential Rehab Loan.
Through Absolute Mortgage you can now buy a property that was considered “unfinanceable”. If you can see potential so can we. We’ll lend you the money to buy the home and make the repairs. Go from rejection to acception with Absolute Mortgage’s Residential Rehab loan.