Finding your dream home that checks off all the items on your homebuying list can be like finding a needle in a haystack. If it’s possible you’re having thoughts on your search like, “I like this home but… x, y and z isn’t what I was expecting.” or “I love the look of the exterior of this home, but the interior could use some work.” A renovation loan could be the solution you need.
For renovation loan customer TJ F. and his wife, their first homebuying journey started with a 200-year-old barn home that had been vacant for nearly 10 years. They were interested in buying it with the hopes that the space could be transformed into a place where their family could flourish after welcoming their first child. So they set out to secure a renovation loan.
Enter the Barb Tithof Team with PrimeLending. TJ was referred to Barb Tithof, Loan Originator, (NMLS# 364958) by a family member and knew the moment he spoke to her that, “Barb knows her stuff.” After one conversation (and countless answered questions later), TJ dropped another potential lender for the Tithof team’s extensive knowledge and experience in the renovation space.
What Needed Repairs?
- Foundation
- Plumbing
- Roof
- Electrical from 1901
- Asbestos
- Hardwood floors
- Siding
- Window Trim
As the fourth oldest home in the neighborhood, it needed quite a bit of work. More than $40,000 in repairs needed to be completed. TJ walked through the home with a contractor and began receiving estimates for repairs and what needed to be financed through a renovation loan. After receiving the complete estimate of work, the changes needed to be approved by PrimeLending and a sale price needed to be determined.
From Fixer Upper to Fabulous
The loan process started with an application and a list of financial documents the Tithof Team needed to determine a complete picture of the family’s financial situation. Any questions regarding the loan were promptly answered by the team’s loan experts.
After the loan was approved, the renovation was ready to begin! The entire process from start to finish took about four months. With the amount of work needed on the home and the Indiana winter weather working against them, the renovation certainly posed its challenges. To ensure things were going as planned, a PrimeLending expert stopped by to complete an inspection of the work that had been completed so far. Seeing the dramatic updates and changes made to the home reminded the inspector of Fixer Upper’s Chip and Joanna Gaines.
Ta-da! From outdated to in-style in just four short months. They certainly had their work cut out for them, repair-wise, but they knew the renovations would pay off. What do they love most about their newly-renovated home? The six-foot-tall windows with light trim that sit just 13 inches from the ground, which add major curb appeal.
Their experience is proof that a home with great bones can be revamped into a dream home. It took some time, imagination, a contractor, and a lending team they could count on.
“Trust your lending officer and general contractor,” they said when asked what tips they would give homebuyers interested in renovating.
Unlike some other lenders, PrimeLending has an entire department dedicated solely to renovation loans. They have the knowledge and experience to get things done smoothly. Even when they had a last-minute change, it was processed quickly and efficiently.
Their second piece of advice? No project is too big for anyone!
If you’re ready to transform a home from fixer upper to fabulous, connect with a PrimeLending loan expert today!
