Sheri McLaughlin – June Renovation Newsletter

Hot off the PRESS – Manufactured Housing now Available under FHA 203k Financing – Effective immediately!! HomeBridge Financial Services now allows 203k financing on manufactured homes. 

  • No Perm Foundation? That’s OK!! Use the 203k to install a NEW foundation.
  • No Septic / Well connection? That’s OK!!! Use the 203k to ADD a septic or well to the property
  • Too Small for your Buyers?? That’s OK!!! Use the 203k to ADD on square footage & decking 

Garden Valley Fixer FHA 203k Success Story My Buyers found the perfect “dream” home in Garden Valley that BUT there was nearly $40k in deferred maintenance / neglect from previous Elderly owner that was required to qualify for financing and the Seller’s Trustee was NOT willing to complete repairs. Home was listed at $265,000 with MULTIPLE Offers and the Seller accepted our offer with the promise to close Fast & As-Is. Our Buyer used the FHA 203K to complete the minimum repairs with a finalized Total Acquisition Cost of $314,860 with only $11,021 total down payment out of pocket / Closed in 42 days with $10k in instant equity!

Whitney small

The Buyer chose to include ONLY minimum repairs, listed below:

Replace all damaged trim / sidingReplace all damaged fascia / raftersRemove all peeling / chipping paint~ Remove rotting decks & replace with landings~ Paint Exterior / Interior where needed~ Repair roof where needed / Replace gutters~ Install flooring where flooring was missing~ Remove exterior outbuildings that were deteriorated~ Septic repairs 


Final loan figures:

  • $275,000 Purchase Price 
  • $39,860 Total Renovation Budget
  • $303,839 Base Loan Amount (96.5% of Total Cost of $314,860)
  • $11,021 Down Payment (3.5% of Total Cost)
  • $325,000 After-Improved Appraised Value (No As-Is Appraisal Needed)

Reno Loans to the RescueHow do I bring it up?

When I meet a client how do I bring up renovation loan options?


I recommend you let Buyers know upfront before showing properties that they have an option to finance the cost to repair, modernize, or customize/personalize any home with an FHA or Conventional loan; allowing you to show more properties that may be “cash only”.

That’s it.  It is truly that simple!

Everyone does SOMETHING to a new home when they move in.  How do they pay for it?  The majority of new homeowners either wipe out their savings or they charge up the credit cards. In my opinion, neither option is wise for a new homeowner.  Typically, $10,000 in renovations is less than $55 per month!  How much is the minimum monthly payment on a credit card with a balance of $10,000?

How can you help them write a contract sooner rather than later?  Be ready to remind them of this option as you overhear “Oh, I wish the kitchen had this”, “I wish the bathrooms were more updated”, “the closets are to small”, “the rooms are to cut up” or “I really want a garage”.

Today’s buyers want to be educated.  All you need to do is let them know that these programs exist. What is the worst thing that will happen?  They might just make a home decision a few months quicker allowing you to move onto your next buyer!

From Distressed Properties to Outdated Houses…

I have a Step-by-Step Solution to help YOU Sell more homes…


Join me the 3rd Wednesday each month from 11:30 – 1pm for a FREE Renovation Finance Lunch & Learn or Call me to schedule a Lunch & Learn in your office!!!!

Reno class invite

I would love the opportunity to speak with any client you have that MAY be interested in learning more about the Renovation Loan Process with No Obligation.  

Please feel free to contact me anytime with questions by phone at 916-235-3989 or by email at


Sheri McLaughlin 
Renovation Loan Specialist / NMLS#448414
HomeBridge Financial Services, Inc.
702 Sutter Street, Ste. C
Folsom, CA 95630
c: (916) 235-3989  f: (866) 341-7531

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