Fowlerville Michigan Real Estate

Everyone wants to find their dream home–that one special house the whole family will enjoy for decades to come. However, unless you’re building it, a dream home is not always easy to find. It seems there’s always something that just isn’t right. “If only the kitchen was bigger,” or “If only the basement was finished.” The good news is that almost-perfect-house can now become your dream home with the help of Fannie Mae.

With a Fannie Mae HomeStyle Standard Mortgage Loan, the homebuyer can finance the purchase of a home and the improvements in one loan at a first mortgage interest rate. The loan covers 95 percent of the purchase price plus the cost of improvements. In addition, there are almost no limits to the improvements that can be made. You can do just about anything including minor cosmetic repairs such as buying new carpeting and paint to more extensive improvements, such as upgrading your heating and air conditioning or adding a new room. The only requirement is, the money spent on renovations cannot exceed 50 percent of the as-completed value of the home.

This type of loan also benefits you tax wise. Because the purchase price and the renovation money are packaged together, you can deduct interest payments for both on your income tax. Another advantage of the HomeStyle Standard Mortgage is it serves a wider market than some other government-backed loans–up to $252,700 for a single-family home and as high as $485,800 for a four-unit building. It is also open to people of all income levels.

If you’re looking to buy a home in Fowlerville Michigan, contact Real Estate agent Bob Smith. A Realtor for more than eight years, Bob has worked with numerous lenders in the course of that time. He knows the ones who care and will work hard to make your dream of owning that perfect home come true.

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