Jennifer Goldsby
VP, Renovation Lending | NMLS #591226
I have been originating mortgage loans since 2002. After having a particularly confusing and frustrating experience buying my first home, I felt compelled to learn as much I could about mortgages to help others. I learned the business from Corey Perez in DRMC’s Portage, IN office and I am now the VP of Renovation Lending for Diamond Residential Mortgage Corporation.
Renovation loans are unique in that they add a construction-like element to traditional financing, which requires a contractor. Finding a contractor who is willing to cooperate with the vetting process, bid requirements, and work within the confines of the draw guidelines can be challenging. While I do not recommend specific contractors, I certainly can point the borrower in the right direction by providing a list of contractor networks, suggestions on questions to ask when interviewing contractors, and clear information on the contractor qualification requirements, bid requirements, and draw process specific to their loan program.
Though trial and error and years of experience, I have learned what I affectionately refer to as my “secret sauce” to help both the borrower and contractor navigate this process. By taking the onus off the borrower to help contractors navigate vetting, bid formatting, and the draw process, I am able to set the right expectations with all parties from day one, so there are no surprises downstream.
My favorite part of being a Loan Officer is the heartfelt thanks you receive once a home buyer or homeowner closes their loan and the journey to building their dream home begins, and the before/after photos! I really love working with people and helping them bring their visions to life, and I also enjoy the small part I get to play in beautifying homes and revitalizing communities.
Licensed in Illinois and Indiana
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About The Reno Gal®
Jennifer ‘The Reno Gal®’ Goldsby (NMLS #591226) has over 20 years of experience working with financing options that improve the habitability of homes across the nation. Jennifer is committed to providing comprehensive and timely advice on using renovation loans and other financing options to help homeowners repair, renovate, or update their homes.
Renovation Mortgage Pros VS Cons
Pros
Cons
There are many different types of renovation loans: conventional renovation loans through Fannie Mae® (“FNMA”) and Freddie Mac® (“FHLMC”), FHA renovation loans, USDA renovation loans, a VA renovation loan option, and portfolio renovation loans.
Below is a high-level overview of the renovation loans Diamond Residential Mortgage Corporation offers. For more information, explore FAQs and Blog.
Keys To Success:
- Inquire early! If you attempt to place an offer on a property that is listed for sale without a pre-qualification letter, your offer may be rejected and you may miss a window of opportunity. It is best to secure financing before you are too far into the buying process.
- Make sure your contractor is on board with the contractor qualifications, bid requirements, and draw process required for your loan type.
- If a Consultant is involved, meet together at the property with the contractor, so all parties can finalize the scope of work together.
- Provide requested paperwork quickly to meet contract deadlines. Time lost on the front end of a deal oftentimes cannot be made up on the back end of the deal to hit closing deadlines.
- Be decisive! Decide on the details of your renovation project early and resist the temptation to make changes throughout the loan process. Wavering during the process can cause delays with your closing. Feel confident in pushing forward with the decisions you make at the onset of the transaction. That’s not to say you can’t make changes along the way, but making those changes mid-stream will likely cause delays.
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Disclaimer: The postings here reflect my personal opinion. They do not necessarily represent the opinions of Diamond Residential Mortgage Corporation and its management. Recruiters: Please do not reach out.
