Home renovation loans topic of ‘Breakfast of Champions’ program

by Peter J. Teagle - Posted on Jun 13, 2018 - 01:19 PM

Photo: Realtors participating in a “Breakfast of Champions” program on April 11 in Gloucester included, from left, Johna Robbins, Rodney Hockaday, Norman Sibley, Stacy Swords, Felecia Hall, Shannon Curtis, Scott Maynor, Stephanie Maynor, Susan Silvus, Joyce Blevins, Deborah Rhodes, Susan Corson and, not pictured, Michael Poole and Kim Niccum. Photo by Peter J. Teagle

Realtors participating in a “Breakfast of Champions” program on April 11 in Gloucester included, from left, Johna Robbins, Rodney Hockaday, Norman Sibley, Stacy Swords, Felecia Hall, Shannon Curtis, Scott Maynor, Stephanie Maynor, Susan Silvus, Joyce Blevins, Deborah Rhodes, Susan Corson and, not pictured, Michael Poole and Kim Niccum. Photo by Peter J. Teagle

Home renovation loans were the topic at last month’s “Breakfast of Champions” hosted by Atlantic Bay Mortgage Group. This was the third of the group’s monthly breakfasts, each of which tackles a different topic related to real estate.

Michael Poole, a senior mortgage broker for the group, addressed realtors at the event held in the private dining room of Olivia’s on Main, Gloucester.

Topics have previously included older homes, Facebook business pages, and now rehabilitation loan types, all of which are covered to provide resources for local realtors, said Atlantic Bay Business Development Manager Kim Niccum.

Poole addressed types of home renovation loans, including Conventional Standard and Limited, as well as FHA 203(k) and VA Renovation loans.

All of these loan types come with different advantages and limitations for borrowers.

Limited rehabilitation loans, both conventional and FHA, are limited to $35,000 and intended for cosmetic repairs. In addition, there are no draws and the borrower receives 50 percent of the funds at closing and the rest once the project is completed.