USDA Renovation Loans: Transforming Fixer-Uppers into Dream Homes

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Introducing  USDA Renovation Loans: Transforming Fixer-Uppers into Dream Homes

Are you eyeing a charming house that needs a little TLC before it becomes your dream home? Geneva Financial proudly introduces USDA Renovation loans, designed to help eligible borrowers purchase homes in need of renovation. This innovative program allows homebuyers to combine the purchase of a home with the costs of necessary renovations into a single loan, opening doors to homeownership for more families while enhancing communities’ housing stock.

Program Highlights:

1. Up to 100% Financing: Borrowers may finance up to 100% of the “as-improved” value of the property, including the guarantee fee.

2. One Loan for Purchase and Renovations: This program simplifies financing by combining the purchase of a fixer-upper with renovation costs into a single loan, streamlining the process for homebuyers.

3. Guaranteed Loan: The loan is guaranteed after closing, providing peace of mind to borrowers before the completion of repairs.

4. Advanced Funds for Non-Structural Repairs: For non-structural repairs, contractors can receive up to 50% of estimated materials and labor costs before beginning construction, facilitating smoother renovations.

Eligibility Overview:

To qualify for a USDA Renovation loan, borrowers must meet certain criteria:

– Minimum FICO Score of 580: A credit score of 580 or higher is required for eligibility.

– Property Requirements: The property must be a 1-unit primary residence located within a USDA-eligible territory. It must be an existing property completed for at least one year; new construction or incomplete construction properties are not eligible. Evidence of completion, such as a Certificate of Occupancy or documentation from local taxing entities, is required.

– Rehabilitation and Repair Work: All health, safety, or security issues must be addressed as part of the rehabilitation or repair work.

For complete eligibility requirements, borrowers are encouraged to review the guidelines provided.

Transforming Dreams into Reality:

USDA Renovation loans offered by Geneva Financial empower homebuyers to turn fixer-uppers into personalized dream homes. By providing financing for both the purchase and renovation of homes, this program not only expands homeownership opportunities but also revitalizes communities by improving housing quality. Whether it’s updating a kitchen, adding a fresh coat of paint, or tackling larger renovation projects, USDA Renovation loans make it possible to create the perfect home tailored to individual preferences and needs.

Ready to embark on your homeownership journey? Contact Geneva Financial today to explore USDA Renovation loan options and transform your dream home vision into reality.

Curious to see what your loan payment could look like? Try our interactive mortgage calculator below:

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Kyle Best

Kyle Best graduated from Eastern Kentucky University in the Spring of 2020 with a major in Business Management and a minor in Banking and Financial Services. Kyle also grew up in central Kentucky and is starting as a new Loan Officer for Geneva Financial.

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