Where to Find Fixer-Upper Funds
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You’d like to buy that fixer-upper, but you’ll need a loan to get things shipshape.
At the National Renovation Lenders Assn.’s Web site (https://www.renovationlenders.com), buyers can find information on a network of banks, thrifts, mortgage bankers, credit unions, mortgage brokers and allied professionals who offer loan products for purchasing and renovating one- to four-family homes.
Purchase-renovation loans enable homeowners to obtain a single mortgage, rather than two, and are based on renovated value rather than the assessed value.
At the site, consumers can find out about the types of loans available, including those of the U.S. Department of Housing and Urban Development, Federal Housing Authority, Freddie Mac and Fannie Mae, and the specifics of various loans.
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