I am about two to three years away from moving, I am either going to pay a premium for a home that has been redone or I will buy a home that needs work. Home will be in NJ.
I will have 20% down no matter which route I choose and credit score is high, around 840.
A friend of mine did his renovation by getting mortgage and then somehow doing a home equity loan on top, I don't want to go that route.
With the two loan programs I have read about you need to hire a GC that is lender approved, this could be a problem for me because I would try to use various contractors who are friends with my father. This would probably save me some money and quality of their work wouldn't be a question.
Has anyone done one of these mortgages or know someone who has and can comment on the process?
Thanks
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