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 addi...
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