  Renfirst Member Username: Renfirst Post Number: 12 Registered: 12-2006 |
Just wanted to get the word out that Atlas Mortgage, based out of Livonia, has a new loan program for individuals interested in financing to purchase and renovate a home. www.renovatefirst.com Our loans provide you the funds to not only buy a home, but also remodel. Traditionally open to just investors, this program is actually focused on helping homebuyers that wish to live in the homes they renovate. If you have any questions, please feel free to contact me. We're looking to get the word out. *Amy (734) 432-9500 ext. 22 | ||
Detroitplanner Member Username: Detroitplanner Post Number: 968 Registered: 04-2006 |
Suppose you already own your homes and they are paid for? | ||
Renfirst Member Username: Renfirst Post Number: 15 Registered: 12-2006 |
Well, if you've got the equity built into the home, a home equity line (HELOC) would probably be the way to go. This program is tailored to individuals that are looking to buy a home and fix it up, but don't have the money out of pocket to do so. The loan amount is based on the after-renovation value of the property ... let's say you're looking at a fixer-upper that has an asking price of $80K, and the after-renovation value is $140K. A Renovate First loan can provide you financing for up to 90% the after renovation value, so you could get up to $126K. | ||
Ray1936 Member Username: Ray1936 Post Number: 1134 Registered: 01-2005 |
You can also go belly-up. | ||
Goat Member Username: Goat Post Number: 9211 Registered: 10-2003 |
Better than what we have across the border, which is....nothing! I wish they would do that here. | ||
Renfirst Member Username: Renfirst Post Number: 16 Registered: 12-2006 |
Yes, if not done properly, you can definitely go belly up. Ask the hundreds of investors that have leveraged themselves into bankruptcy, thinking "flipping" was the way to riches ... this program's not for them, and was intended more for individuals that are looking at their home as a long term investment. While the market is headed for some bad times, there is still great opportunity to purchase homes, whether they're distressed, bank owned, etc. It's sad to see it so bad, but the large inventory of foreclosed properties in the tri-county area have made it a buyer's market for homebuyers, and this program enables you to benefit from that. | ||
Detroitplanner Member Username: Detroitplanner Post Number: 974 Registered: 04-2006 |
Suppose I don't need a loan at all? Do you really think it is appropriate to advertise your business venture here? This space is for the exchange of ideas, not to sell mortgages. Try the classified ads space once you get enough posts to post there. | ||
Jfried Member Username: Jfried Post Number: 934 Registered: 11-2003 |
Lighten up Detriotplanner. This sounds like a program many of the forumers looking to purchase a old Detroit home may be interested in. Let the moderators worry about appropriateness. | ||
Renfirst Member Username: Renfirst Post Number: 18 Registered: 12-2006 |
Sorry if you find this inappropriate detroitplanner, I thought the connect forum was about making announcements, making connections. If this was a typical mortgage, I'd understand, but this is a program that falls in line with the desire we all have, to make the city a better place to live. (Message edited by renfirst on February 15, 2007) |
