gmhTODAY 19 gmhToday April May 2018 - Page 22

Buy Up or Build Up with the Amazing Renovation Loan I t is always exciting when in this space I can share a truly versatile product that could help families in our area. This article is going to focus on a great loan option call the “Renovation Loan.” In a market, such as the current Santa Clara and San Benito counties, where home prices are rising fast, and inventory is low, many families like the idea of buying up but face hurdles in that goal. First: While their home may sell fast, can they find a home to buy after their sale? By Jayson Stebbins Mortgage Professional Second: Jayson Stebbins is a 25-year veteran of the Mortgage Banking industry and an Accredited Mortgage Professional through the Mortgage Bankers Association. He grew up in Morgan Hill and currently lives in Gilroy. He is the local Branch Manager of Guild Mortgage, a 56 year old Mortgage Banking fi rm. His offi ce is in Morgan Hill and serves all of Santa Clara, San Benito, and Monterey counties. You can reach Jayson and his Team at 408-782-8800 or at jstebbins@ Will the new price and tax base create an affordability issue for them as they try and get into this market? Many industry pundits have stated that in their opinion, 2018 will be a year that more people tap into their equity for home improvements. And with the tax bill changes making a Home Equity Line less appealing*, what other ways can a family make their current home more like their dream home? The renovation loan can work as either a purchase or refinance. The Renovation loan allows a family to build the cost of home improvements into their first mortgage, using either a Conventional loan or an FHA loan. Turning a garage into additional living space? Building on to the footprint or adding a 2nd story? Just refreshing one or two rooms? New windows, paint, roof, or landscaping? Adding a pool? Yes to all these options, and pretty much anything you can think of for an existing home. The loan is especially interesting in a purchase space. Some homes are on the market for a long time and require “all cash” offers as they are run down, broken down, or have significant issues that the average home buyer would not accept. With the renovation loan, you can buy the property “as is”, and finance the costs of the remodeling into the loan after closing with a one loan solution. These loans have the flexibility, interest rates, and accessibility that homeowners need to upgrade and update their current home. Buyers, with a renovation loan, will be able to get into the market below their current budget. We are excited for what this year will bring for Renovation Loan clients. * One of the reasons this loan will be more appealing is due to the tax bill changes of 2018, which exclude Home Equity Lines (HELOC) from Mortgage Interest deductions. A renovation loan will keep improvements in the first mortgage space, making them eligible for tax deductions. . Jayson Stebbins is a licensed mortgage agent in CA for Guild Mortgage Company NMLS#38463; Licensed by CA Disclosure:Licensed by the Department of Business Oversight under the California Resi- dential Mortgage Lending Act. NMLS Company Unique ID 3274; Branch Unique ID 38480. The post- ings on this editorial don’t necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affi liates. This information is not guaranteed to be accurate and shall not be construed as a guarantee of loan approval. All loans are subject to underwriter approval, and are subject to change without notice. Equal Housing Lender. 22 GILROY • MORGAN HILL • SAN MARTIN APRIL/MAY 2018