Shortage of Outer Banks Long Term Rentals…
The Outer Banks is again experiencing a shortage of Outer Banks long-term housing. As we see the sales market pick up, this also means that Home Owners who have been waiting for this upturn are listing their investment properties for sale and thus taking them off the long-term rental market.
We are also seeing that Outer Banks investment homeowners who have not been keeping up with ordinary maintenance on their homes are overwhelmed by the costs and thus deciding to list their homes instead of putting the money back into their investment. THIS SITUATION IS PERFECT FOR INVESTORS looking to expand their portfolio!
Daniel Evans of Movement Mortgage is offering an interesting loan product that Home Owners can use to renovate, make repairs or improve their Outer Banks rental homes. The Fannie Mae “HomeStyle” Renovation mortgage includes financing for home improvements or refinance for qualifying homebuyers as well as qualifying investors. This loan may benefit any of the following situations:
-Investors looking to rehabilitate a property
-Second homebuyers shopping for a home to renovate
-Homeowners who want to include renovation costs in their refinance
-High balance loan amounts available
Mr. Evans has indicated that he could close this type of loan in 30 days or less which is awesome!
If you are interested in the “HomeStyle” Renovation mortgage you can find out more information from Daniel Evans at 252-202-0866 or Daniel.evans@movement.com