763-754-7774
bhajicek@edgehomefinance.com
Apply Now
Secure Doc Upload
Edge Home Finance Logo

Apply Now

 

Brenda Hajicek

Branch Manager

Cell: 763-754-7774
bhajicek@edgehomefinance.com

NMLS Numbers

Personal: 212562
Corporate: 891464
Branch: 1203865

Blog

REHAB Mortgage Programs For MN

January 22nd, 2016

REHAB Programs Are NOT Just for Foreclosures & Short Sales
I often do rehab programs on the perfect house that needs egress windows in the basement to convert the home from a 2 bedroom single family home to a 5 bedroom single family home. The cost varies based on contractors quote and the year and size of windows. 

The cost/quote for this job was as follows:

Cut 3 egress window openings. Supply and provide steel window wells. Includes 3 White vinyl casement egress window opening 32 3/8" x 40 3/4" tall.   $7195.00 for all 3 windows. This made the value of the home jump $30,000. Now that was a great deal and a great investment for this buyer.

Another option that is quite popular is ADDING a Second Bathroom. Sometimes you will show a home over and over again and the one bathroom is the killer. IF you get this comment why not get a construction quote for the second bathroom and see if the new buyer would like to add the construction cost to their mortgage. 

Mold remediation properties are acceptable under this program for homes that need that extra TLC that traditional loan programs will not accept.

YOU can add your appliances in with the repairs, and/or all new carpet, install a new water heater, replace a roof, repair/replace windows, repair your plumbing and even include the cost of the permits. 

The water does NOT have to be on to use this program. A licensed contractor will provide a quote for the plumbing repairs due to freeze damage. Quotes range from $350.00 to $5700.00 (depending on if the pipes have been stripped from the home) 
This plumbing repair is often determined with a pressure test the does NOT require the water to be turned on. 

How much more does it cost? It costs the same as a final inspection on a regular sale. The appraiser needs to go out to the property and verify the work has been completed. It's the same fee as it would be on a traditional sale when work orders have been called. 
We are chartered/structured differently so with us--there are no additional loan origination fees, mechanics lien coverage, title updates, or priority picture costs. 

 

 

Please keep in mind we are chartered/structured differently then local banks and correspondent lenders so we DO NOT need a minimum credit score and we can shop 44 investors guidelines with ONE credit pull for many many different programs.

Thanks for taking the time to read my 60 second newsletter.

I WILL BE WORKING THIS WEEKEND AND COMPLETING SAME DAY APPROVALS IF YOU NEED ONE. PLEASE FEEL FREE TO TEXT OR CALL ME IF YOU HAVE ANY QUESTIONS about buyers qualifications or property qualifications.

 

Sincerely, 

 

Brenda Hajicek -- Branch Manager 

Edge Home Finance--9220 Bass Lake Road #380, New Hope MN 55428

www.BrendaHajicek.com

Direct Phone Line/ 24 hours: 763-754-7774

NMLS 212562