Mortgages for Storm Damaged Homes on Long Beach Island New Jersey
Hurricane Sandy and the LBI NJ Real Estate Market
Hurricane Sandy made landfall on Long Beach Island at the end of October 2012 and caused major damage to the area. Luckily, thanks to flood insurance payments, fundraising, community efforts and hard work, the LBI area has made a major recovery and is looking better than ever! There are still some storm damaged homes for sale on Long Beach Island and these properties offer both a unique opportunity and a unique challenge. The major difficulty in purchasing storm damaged homes on Long Beach Island has to do with financing as these properties will not qualify for a traditional loan. Therefore, special loans are required and one of the best is the Home Style Renovation Loans in the LBI NJ Real Estate Market.
Home Style Renovation Loans in the LBI NJ Real Estate Market
A home style renovation loan is a special loan product offered by Van Dyk Home Loans and Glendenning Mortgage Corporation specially for Hurricane Sandy damaged homes. A few of the programs details are as follows:
- A Home Style Renovation Loan qualifies for complete tear down and rebuilding of a property and can be for a primary or secondary home
- Pilings are an acceptable foundation and the loan will apply to modular homes as well as traditionally built structures
- The loan is available for a purchase or refinance and the LTV (loan to value ratio) is based on the completed value of the home
This program offers some excellent opportunities for those looking to buy a storm damaged home in the LBI NJ real estate market or areas such as Beach Haven West. While there are federal loan programs for primary homes such as a 203k, these loans do not apply to the secondary homes or investment properties which make up the vast majority of homes on Long Beach Island. Since this program applies to secondary homes, it is of tremendous value to those looking to buy and rebuild on LBI!
For many who are looking to build on Long Beach Island, the go to choice for foundation systems are pilings with break away walls. Some loan programs will not accept this foundation system however the Home Style Renovation Loan offered by Van Dyk Home Loans will! In addition, a modular home can be built and count towards the finished product. While modular homes tend to be less expensive than a traditional stick built structure, they do have limitations.
Home Style Renovation Loans in the LBI NJ Real Estate Market do not only apply to home buyers but also to those looking to refinance a storm damaged home to rebuild. This program can help those struggling to rebuild their vacation properties as well as those looking to enter the LBI real estate market. The cost of construction can even be up to 50% of the finished product!
Buying Homes with a Mortgage in the Long Beach Island New Jersey Real Estate Market
Investment in the LBI real estate market can not only produce a positive return on the investment, it can also provide wonderful summer memories at the beach! It is important to examine any investment on LBI carefully to make sure you do not overpay for a property on LBI. I can help you identify good buying opportunities and excellent building sites with storm damaged homes that will qualify for Home Style Renovation Loans in the LBI NJ Real Estate Market. For more details on the loan product contact Neil Robinson with Van Dyk Home Loans at 609-384-2140 or feel free to contact me, Nathan Colmer and I will be happy to help!
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | email@example.com