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Types of Renovation Loans

Purchase Renovation Loan

A purchase Renovation or Rehab Loan is perfect for those who want to begin work on the house immediately after closing on the purchase of an existing home. With one loan and one closing funds are provided for both the purchase of the property and the renovation work to be done. Minimum down payments typically run from 3-5% of the completed value. You can borrow the rest.

Refinance Renovation Loan

A Refinance Renovation or Rehab Loan is similar to the Purchase Renovation Loan but is for those who already own the property they want to improve. With this type of loan any existing financing on the property is paid off and additional funds for the renovations are provided. Depending on what you qualify for, you can borrow up to 100% of the completed value of your home.

The types of Programs:



 

 

 


Understanding Renovation Loans  |  What Can a Renovation Loan be used for?
Types of Renovation Loans  |  FHA 203k Program  |  Fannie Mae Homestyle Program
Other Conventional Programs  |  The Tools  |  The Loan Process
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