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Stephanie Pryor
RMLO NMLS 732444

o: 512-288-2997
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5901 Old Fredericksburg Rd, C-103
Austin, TX 78749
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Opportunity is knocking!! Conventional Renovation Loans!!

10/28/2014

Opportunity is knocking!! Conventional Renovation Loans!!

Why use renovation loans?

• Helps buyers customize a home the way they want

• Increase inventory of potential homes for buyers

What is a renovation loan?

• First mortgage that allows buyer to both purchase a home and finance repairs

• Conventional loan backed by Fannie Mae

• Credit approval based on traditional Conventional guidelines

• Mortgage payments may be financed (up to 6 mos.)

• One-time close: Agent receives commission at closing

The Conventional renovation loans

• No minimum on repairs

• Maximum 50% of as-completed value of property in repairs

• All repairs allowed as long as they are “permanently affixed to the real property and add value to the property”

Benefits to Home Buyers

• Lower interest rates/costs vs. alternative methods of financing

HELOCs, credit cards, liquidating savings or investments, personal loans, etc.

• Interest paid on mortgage is tax deductible vs. credit cards and personal lines of credit

• Renovations tend to increase a home’s value/resale marketability

• No seasoning requirements (on refinances)

Call us today to find out more!

Residential Mortgage Loan Originator

Stephanie Pryor’s true passion lies in helping people get into their dream homes. Stephanie takes care of all the detail work so her clients can focus on what color to paint the living room! Involved in finance and real estate since 1997, Stephanie is also a group fitness instructor who promotes both physical and financial health. An avid athlete and cookie baker in equal measure,

Stephanie reminds us that every day is about making one choice: “Happiness is an attitude. We either make ourselves miserable, or happy and strong. The amount of work is the same.”—Francesca Reigler.


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