June 1, 2021,
As residential building consultants and home owners celebrate National Homeownership Month in June, your local certified NAFHAC member Walter L. Williams (HUD ID # P1528) wants you to know that in addition to having a place to call home and a sense of community, many people buy or refinance homes in need of renovation to help build their wealth.
Research shows that most households view housing as a good investment in comparison to the stock market. According to a recent study by the Federal Reserve Bank of New York, when asked whether a young couple should buy a primary residence or invest in the stock market more than 90% of the survey respondents chose housing.
With the ever-climbing cost of new “move-in ready” homes, many first time and even trade-up buyers are looking into creative ways to “have their cake and eat it too!” Rehab loans for purchase or refinancing mortgages can be that delicious solution.
“Many homeowners now see their homes in new and expanded ways- workplace, school room, and other important needs. With rehab loans, living spaces can be changed and improved upon. These enhancements also enhance the property value as well as enjoyment for American families” said Catherine Hall, Executive Director of NAFHAC. “In addition to an investment opportunity, owning a home represents a big part of the American Dream. Buying or Refinancing a home with renovation mortgage like the 203k or Fannie Mae Loan also has a powerful added benefit to the entire community. With rehab loans, together we are Rebuilding Neighborhoods One Home At A Time.
More information is forthcoming.