Like the house but want to make some changes? Use the HomeStyle program.

Many times when people are out looking at homes they find a property that they like for the most part except for...something. Especially with an older home, there might be updates needed such as energy efficent features, or maybe the kitchen or bathroom needs an update. Instead of walking away from the property you might want to use the HomeStyle program. Here's how it works:

You can buy the home based on the sales price agreed to, with the appraisal to be done as a 'subject to' value, meaning that after the improvements are completed the house will now be worth more than the sales price because of the improvements made, and that is what I will lend on so you can buy the home, make the improvements with your licensed contractor, and do one loan for everything.

Here are some of the advantages of this program:

• Construction loans are usually done at a higher interest rate than a mortgage.

• This is a Conventional loan, not a FHA loan. Remember that we would rather do a Convential vs. FHA.

• This program allows for construction of anything that add value and is attached to the home.

Especially with the shortage of available homes on the market at this time, this program can help people find and construct their dream home.

This program also can be used for your existing home to make the renovations and do a refinance based on the new value of your home. This avoids the need to do a cash-out refinance or a second loan for the improvements.

Contact me with questions on this or any program that will accomplish your goals.

John Lyng is a Mortgage Loan Officer with Supreme Lending. He is experienced with traditional bank programs, as well as alternative programs to help people get into their home. John has a varied background in working with mortgage banks and non-profits, and believes in guiding families to prepare for affordable homeownership.

If you have questions about this or any mortgage-related topic, please contact John Lyng directly at 214-862-3579, or send an email to John.Lyng@SupremeLending.com.