What if your dream home already exists but just needs a little transformation to become perfect?
In this episode of The Mortgage Athlete Podcast, Tracy Hayes and Tom Reber unpack the power of renovation loans to solve today's housing affordability challenges. With over 50 years of combined experience, they walk through two renovation loan success stories that transformed nearly unlivable properties into dream homes. From conventional loans with only 3 percent down to VA renovation loans with zero down, this episode showcases how creative lending strategies can unlock real value for buyers.
Listeners will hear how a first-time buyer upgraded a fixer upper near her family, how a veteran gained instant equity while renovating a horse friendly property, and how another young military family became first time homeowners despite a credit score below 600. Packed with emotion, insight, and professional wisdom, this episode is a powerful reminder that the right loan strategy can turn dreams into reality.
Thinking about buying a home but worried about repairs or credit issues? Reach out to the Reber Team at Planet Home Lending today. Your dream home could already be within reach. Share this episode with someone who needs to hear that yes they can.
Highlights:
00:00 – 01:30 Market Creativity and Lending Opportunity
· Lenders getting creative in a changing market
· Importance of flexible underwriters
· Surge in demand for unique loan solutions
· Mortgage pros leveraging decades of knowledge
· Foundation set for renovation loan discussion
01:30 – 03:30 Why Renovation Loans Are Game Changers
· Every address offers a unique opportunity
· Fixing the home instead of compromising on location
· Turnkey expectations vs real market conditions
· What renovation loans can cover
· Empowering borrowers to say yes
03:30 – 06:30 Conventional Renovation Loan with 3 Percent Down
· First-time buyer finds home near family
· Renovation budget of $60,000 with minimal down payment
· Seller concessions bridge financial gap
· Appraised value comes in higher than project cost
· Closed in 32 days with efficient contractor work
06:30 – 09:15 VA Renovation Loan for Horse-Loving Veteran
· Zero down payment plus $150,000 in upgrades
· Backyard designed for horses and hobby life
· Massive porch removal and utility updates
· Three separate contractors managed effectively
· Final appraisal shows $50,000 equity gain
09:15 – 12:15 Power of a Dedicated Renovation Team
· Planet Home Lending's renovation division shines
· Vetting multiple contractors for one project
· Borrower steps in as general contractor
· Smooth coordination and transparent draw process
· Unique renovations require unique support
12:15 – 17:53 Manual Underwrite Victory with 589 Credit Score
· Young Navy family turned away by builder
· Realtor refuses to accept no and finds options
· Manual underwrite approved thanks to stable history
· Full builder concessions secured
· First family home ownership becomes reality
Quotes:
"The magic happens when you can empower somebody that yes you can" – Tom Reber
"Don't judge the book by the cover – get into chapter three or four" – Tom Reber
"Location is everything but the house can be transformed" – Tracy Hayes
"Our stock as mortgage professionals is at an all-time high because of creativity""The gold is always in the cracks." – Tracy Hayes
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Website: toprealtorjacksonville.com
Website: toprealtorstaugustine.com
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