After Sandy and Carlos lost their home in the 2008 Great Recession, they began renting, paying nearly $2,700 a month to their landlord. With their daughter starting college at Towson University, they needed to stretch their money further, but wanted to make sure they never again faced the risk of foreclosure.
They found a house for sale for $262,500 in Idlewylde, Maryland, in a stable neighborhood with mature trees and older homes. The exterior of the house was in great shape, but the dated interior required a total remodeling.
Fortunately, Lee was there to help. A whiz with numbers and intimately familiar with government lending programs, Lee was able to get them a home-style renovation loan, which they used to update their 3,000 sq. ft., six bedroom, 3.5 bath single-family home. Better still, it was close to the university so that their daughter could live at home and save money on board.
$262,500 – The cost of the home Lee helped Sandy and Carlos finance.
$85,000 – The amount Sandy and Carlos received from a conventional home-style renovation loan.
$400,000 – The new value of their $262,500 home after the renovations.
$450 – The amount they saved every month by paying a mortgage instead of rent.
Looking for $52,500 in equity from a renovation loan? Lee can help you like he helped Sandy and Carlos.
About Lee: Lee Smith brings 16 years of mortgage industry experience and 10 years experience as a home builder, licensed home improvement contractor, and licensed 203k HUD consultant. Practical knowledge of the renovation process helps clients remove all the fears of financing and renovating. Lee has helped thousands of families in the Maryland, Virginia, Washington, D.C., area purchase and update their homes.