Success Stories: Fred Lahm Closes a Renovation Loan in Record Time

For many families, buying a home is more than a transaction—it’s about finding a place to build a future. In December 2024, one of Fred Lahm’s buyers found what he believed was the home. It was perfect: the right town, the right layout, and most importantly, the right school district for his three daughters. It was the kind of opportunity that doesn’t come around twice. 

But this dream home came with complications—and a very real deadline. 

A Tight Timeline and a Major Problem 

Fred’s client was under contract just a few weeks before Christmas. The seller had a competitive cash offer on the table and was only giving Fred’s buyer three weeks to close using financing—a tight window under normal circumstances. 

Things took a turn when the home inspection came back with a long list of problems. What initially looked like some manageable cosmetic updates revealed nearly $100,000 in repairs. The buyer was overwhelmed, unsure how to proceed, and concerned about losing the home his family had fallen in love with. 

That’s when Fred proposed a solution: A renovation loan. 

A Bold Move: Switching to a Renovation Loan 

At first, the buyer was hesitant. Renovation loans—particularly HomeStyle® Renovation Loans—have a reputation for being complex and time-consuming. They aren’t often associated with speed. With only two weeks and a couple of days left, the idea seemed almost impossible. 

But Fred didn’t flinch. He worked up the numbers late into the night and sent an email to the underwriting team first thing in the morning. By the next day, the entire team was aligned and ready to take on the challenge. 

The Power of a Plan 

With everyone committed, Fred moved fast. The new loan structure was disclosed the next day. A contractor was brought in immediately to complete the renovation bid, and the team at Princeton Mortgage began pushing forward on every front. 

Thanks to Fred’s leadership and the responsiveness of the operations team the renovation loan moved Effortlessly through the loan process.  

Closed in Just Two Weeks and One Day 

Against all odds, the HomeStyle® Renovation Loan closed in just 15 business days—two days before Christmas. What could have been a devastating outcome turned into a win that brought real joy to the buyers at the most meaningful time of the year. 

The seller was satisfied, the buyer kept the contract on the home, and Princeton Mortgage pulled off a holiday season success that few in the industry would believe! 

"I've never closed a renovation loan that quickly," Fred said. "But we had a plan. We had a team. And we made it happen." 

About the Loan Product: Fannie Mae HomeStyle® Renovation Loan 

The HomeStyle® Renovation Loan allows borrowers to finance both the home purchase and renovation costs into a single mortgage, making it an ideal solution for buyers purchasing homes that need work or a refresh. It's a flexible loan product that supports numerous renovations and upgrades—without needing multiple loans or financing solutions. 

 

Planning, Pressure, and a Perfect Outcome 

Fred Lahm’s success story is a testament to what’s possible when a loan officer knows the products, trusts the process, and fights for his clients. His ability to pivot under pressure, navigate the complexities of a renovation loan, and bring the team together showcases exactly what Princeton Mortgage stands for: speed, service, and solutions. 

If you’re facing challenges in your loan process—or think renovation loans are too complicated—Fred’s story proves that with the right lender, even the toughest situations can have a happy ending!