Fix up your fixer upper home with a Rehab Loan. If you have found the perfect home but it needs renovation, you can purchase the home and roll the costs of the renovation into your loan.
An FHA 203(k) Loan, also called a Renovation Loan, allows buyers to finance the cost of the home and the renovation in one mortgage with a low rate. Conventional options are also available to purchase a home and finance the renovations through Fannie Mae’s HomeStyle or Freddie Mac’s CHOICEReno.
Rehab loans have similar qualification requirements to a standard mortgage, with additional documentation needed related to the renovation. Refinance options available as well if you already own your home and it needs work.
Have questions? Give us a call! One of our mortgage specialists would be happy to answer all of your questions.