Fix up your fixer upper home with a Rehab Renovation 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.
The VA also offers a similar option for military and veterans to purchase a home and finance the required renovations to bring it up to standards set by the VA.
Rehab loans have similar qualification requirements to a standard FHA or VA loan, with additional documentation needed related to the renovation.
If you’re an investor, a fix and flip loan might be perfect for you. This is short term financing, and even though it typically has higher rates and fees, it’s equity based and much easier to qualify for.
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