This video explains how ap swatch a renovation loan works when buying a home that needs cosmetic updates or repairs. Using a simple example, Deb walks through the entire process step-by-step: finding a home, setting a renovation budget, collecting contractor bids, getting an “after repair” appraisal, and structuring the loan with repair funds and contingency reserves. She also explains how contractor payments are handled, why communication is critical during renovations, and how buyers can use these loans to turn outdated or distressed homes into customized dream homes without exceeding their financing limits.
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Deborah Criddle, Regal Mortgage, Branch Manager, NMLS 20009
www.regalmtg.com
Email: [email protected]
Text/Call: 208-313-6886
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00:00 Finding a Home You Love with Renovation Potential
00:33 Setting the Purchase Price and Repair Budget
01:06 Getting Contractor Bids for Renovations
01:40 How the giants game today Renovation Appraisal Works
02:28 Why Kitchens and Bathrooms Add the Most Value
03:12 Understanding Repair Contingencies and Utility Requirements
04:17 Real Example of Using Contingency Funds for Mold Damage
04:52 Loan seth rogen Structure: Purchase Funds, Repairs, and Escrow Holdbacks
05:46 How Contractor Draw Payments Work
07:02 Final Steps Before Closing and Renovation Success Tips
List of allowable repairs:
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