I remember when I was twenty thinking to myself, how on earth am I going to afford a monthly house payment? Being a waitress at a bar and grill was not going to it make it easy, while also being a student. All be damned if I was going to get a student loan to cover housing. I recall hearing these wise words in my late teens, "if you don’t have it, don’t spend it”. So I tried my best to only have a car loan and no credit cards. After renting a 2 bed, 1 bath house with a 1 car garage for about 6 months, my boyfriend and I decided we wanted to buy a house. So we moved in with his parents and started saving up. Once we had enough to cover our inspections, appraisal fee, and down payment assistance, I took a class for down payment assistance. I really didn't have a great credit score, but since I had a car loan, that helped get me to a score of 580. We found a 2 bed, 1 bath home with a detached garage for $75,000 in the Classen Ten Penn neighborhood and we made an offer. It was accepted and 8 years later we've taken on a complete kitchen renovation and two car garage buildout. At $75,000 our house payment was $580 a month with 5.2% interest, so it was well worth it, but I wish we would have known about a Conventional Homestyle Renovation Loan because we would have completed all of the work quicker and had less years of headache.
The reason I write this today is that I want people to know about this awesome loan. I first learned about it when my Aunts renovated their mid-century home in Phoenix, AZ. Since learning about this loan, I've introduced it to a couple different Buyers and they love it. They love that they can make their dream achievable and have a say in construction quality, layout, and design elements. Below is a perfect example of what one of my clients did with their home.
The loan allows you to purchase an existing home like this:
And turn it into this:
As you can see, the home underwent a complete makeover. Upon completion, the Buyer decided they wanted acreage so now this home is for sale, right down the street from the Plaza District. If you have any questions about the process of a home renovation loan and what to do to get started OR you think you want to skip the process and go ahead and buy this one, schedule a showing today, 405-200-2313.
This Listing is offered by Jessica Thompson, Realtor for Urban Homes OKC, operating under Loxwood Real Estate.