Many homes in the United States are in need of updating, repairs and renovation. With tight inventory in many markets, a renovation loan expands the opportunities for a borrower to purchase a home that they may not have considered. A renovation loan offers a borrower a single loan transaction on a property that is “as is”, regardless of its current condition. Conveniently providing funds after escrow, no renovation or repairs are required prior to closing and loan amounts are determined by after renovation values. However, renovation loans have many moving parts and loan originators may not have experience with this type of loan product. Gooi has taken the complexities out of renovation lending by partnering with Caliber Home Loans – Correspondent Lending to provide processing, underwriting and closing services. Caliber Home Loans offers expertise in renovation lending and paired with Gooi’s support services, allow loan originators to focus on nurturing their borrower and realtor relationships, expand their product offerings, and provide sustainability in the communities they serve. Gooi’s Suite of Services include processing, underwriting and closing for FNMA HomeStyle. FHA 203K Standard, FHA 203K Limited are supported with processing and closing services. Loans sold directly to FNMA are also eligible for Gooi’s alignment of services. Call us today to see how a powerful partnership with Caliber Home Loans and Gooi Mortgage Inc, can positively impact your borrowers, your originations and your community.
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