Fix & Live is a revolutionary new product by FM Home Loans LLC, designed to create more opportunities for buyers, help sellers achieve top dollar for their homes, and alleviate inventory concerns for realtors.
Identify any home in the neighborhood that needs renovation. FM will calculate the completed renovated value and construction budget using FM's proprietary construction algorithm.
Completed renovated value - construction budget = the maximum offer price of the home
FM's construction management team will inspect the home to confirm the construction budget. Once the numbers are set and offer accepted, FM will expeditiously approve the buyers mortgage application.
Acquisition: Standard closing costs apply. The buyer will finance the full balance of the purchase, less the borrowers down payment, to take ownership of the home. Realtor commissions are paid, and the interest rate is locked in for the life of the loan
Renovation loan - FM designates an approved construction manager who oversees hiring a local contractor and manages the entire process, including costs, permits, and more.
Once the renovation is complete, the loan automatically converts to a 30 year fixed rate conventional loan.
The construction manager provides two critical guarantees to the buyer.
The budget costs are guaranteed. Any and all cost overruns are covered by the construction manager.
The construction manager deposists 6 months of housing payments, alleviating the buyers current housing expense during the renovation period.
The realtor can now fill the buyers needs with more available listings as well as bring top dollar to the sellers. A reputable realtor that can provide top dollar to sellers as well as maximum inventory and affordability to buyers provides the most value to their customers.
The buyer can now access inventory of older homes on the market. The buyer will receive a fully renovated home, without any of the concerns that come with renovation projects. The buyer enters the transaction knowing the exact down payment required, closing costs and monthly payment.
The seller will receive the best price possible without the costs to renovate the home. They can avoid selling to investors and cash buyers.
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