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, allows buyers to finance the cost of the home and the renovation in one mortgage with a low rate.
Fannie Mae Homestyle & Freddie Mac Choice are renovation loans that follow conventional guidelines.
The VA also offers a similar renovation option for military and veterans to purchase a home and finance the required renovations to bring it up to standards set by the VA.
USDA renovation loans are 100% financing loans backed by the U.S. Department of Agriculture.
Rehab loans have similar pre-qualification requirements to a standard Conventional, FHA, VA, or USDA loan – with the additional documentation needed to be related to the renovation.
To view our complete renovation guide, click here.