Central Coast Lending offers an affordable mortgage solution for potential owners to purchase and renovate a new home, or for existing owners to refinance and upgrade their current property. The HomeStyle Mortgage allows homeowners to include financing for a whole swath of home improvement(s) in with their mortgage, including kitchen upgrades, bedroom and bathroom additions, structural repairs, energy efficiency changes, and cosmetic alterations.
The California real state market can be very difficult for buyers, and our home County of San Luis Obispo is no different.
The median price of single-family homes sold in SLO County through October 2014 was $480,000. Bargains have been few and far between.
In 2011, 39% of sold single-family properties were “distressed” (foreclosure or short sale), but today that portion is just 6%. Through October of 2014, foreclosure properties were priced 35% lower than “normal” properties on average, but such deals are increasingly difficult to find.
The HomeStyle Mortgage program will allow buyers to expand their criteria to include more properties, because they can fold desired renovations into a single, affordable loan.
The refinance-and-renovate solution offers an olive branch to homeowners in San Luis Obispo County’s competitive real estate market. Over the past 36 months, the median home price has risen nearly 30%. As families grow and circumstances change, homeowners might want or need something different from their property. Rather than attempt to make the difficult “move up” to something new, the solution to your future might be right beneath your feet.
The HomeStyle Mortgage offers a conventional solution to the cash-flow problem. Owners can borrow on up to 50% of the as-completed value of the home. An estimated post-improvement $400,000 home, for example, would allow borrowers to earmark up to $200,000 for home improvements. The renovation loan will cover labor and materials, soft costs (architect fees, permits, licenses), and up to six months of mortgage payments should the owner vacate the property during renovation.
Relative to other renovation financing options, the HomeStyle Mortgage typically offers more flexibility affordability, and ease-of-use (rather than, say, adding a second mortgage or paying a premium for the FHA 203k loan).
Special Features:
Guidelines:
As with any loan program, there are a more nuanced details, possibilities and qualification specifications. Give us a call at 805.543.LOAN for a free, honest, confidential assessment of the possibilities!
Creating an account is fast, easy, secure and FREE! Your account enables you to easily modify your loan application and view the status of your loan anytime day or night.
When you register for a Loan Center account, you can submit a loan application online and the sensitive information that you provide will be transmitted securely.
Kick your feet up while we crunch the numbers. Pre-approval can be done very quickly if you provide a complete and accurate loan application and supporting documentation.
CCL Market Update: NFIB Small-Business Index The National Federation of Independent Business small business optimism index declined 0...
ISM Manufacturing Index Executives at service- oriented companies said the economy continued to run strong into October. The non-manufacturi...
Producer Price Index The wholesale cost of US goods and services snapped back in September, the level of inflationary pressure however has a...
PMI Manufacturing Index The PMI manufacturing index’s sample reported solid strength in September at a final 55.6 index, unchanged from th...
Chicago Fed National Activity Index The National Activity Index put out by the Chicago Fed, this index tracks overall economic activity as w...
Empire State Index Factories in the New York region of the US churned out goods at a slower but still prosperous pace in September. The Empi...
Consumer Credit Consumer borrowing picked up in July, total consumer credit rose $16.6 billion in July to a seasonally adjusted $3.91 trilli...
ISM Manufacturing Index Business conditions surged in August to a 14-year high as American manufacturers continue their success. The manufac...
Chicago National Activity Index A measure of the US economy from the Chicago Federal Reserve slowed in July from June’s robust performance...
Existing Home Sales Existing home sales ran at a 5.34 million seasonally adjusted annual rate in July, down 0.7% from June. This was the slo...
Survey of Consumer Expectations A monthly survey conducted on consumer expectations showed a notable pessimistic trend in the month of July....
Senior Loan Officer Survey About 17% of banks have eased standards and terms on business loans to large firms in the second quarter, while m...
Pending Home Sales US pending home sales rose 0.9% in June. The index tracks real estate transactions in which contract has been signed yet ...
Retail Sales U.S. retail sales climb again in June after a jumbo gain in the prior month of May. Sales at retailers such as auto dealers, re...
S&P Corelogic Case-Shiller HPI Case-Shiller home prices firmed in July, to a 0.3 percent adjusted gain for the 20 city index. The trend ...
Housing Market Index The housing market index fell three points in September to a level of 64, matching July as the weakest month of the yea...
JOLTS In the latest indications of strong, tight conditions in the labor market job openings rose to a higher than what was expected level o...
2nd Quarter 2017 (January-June) Scenic Coast Cambria Cayucos Los Osos Morro Bay The Scenic Coast of San Luis Obispo County represents the gr...
