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![]() ![]() You do not have to occupy the property as renovations are taking place. Owner-occupied mortgage rules normally obligate borrowers to occupy within 60 days of funding, but not for this loan program. Unlike construction financing, you are allowed to advance 100% of the materials costs to the store or your contractor upon mortgage funding. If you are licensed contractor, you can do the work yourself. It does not have to be as granular and detailed as a construction loan. ![]() You need a good written estimate from a licensed contractor or a home improvement store (Lowe’s or Home Depot, for example) for the material and labor costs. If your real estate agent says we don’t have time to get this approved during a 30- or 45-day escrow, well that’s nonsense. Freddie Mac combines mortgage and renovation financing – Orange County Register ![]()
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