Renovation and Rehab Loans are like a construction loan and mortgage loan all rolled into one loan! Whether you are refinancing to fix up your existing home or considering purchasing a “fixer-upper” …it is more than likely that you could obtain the financing to both acquire the home and finance the remodel and fix-up all at the same time. Same basic low-down down payment or modest equity positions as a regular home loan too!
Plus, one of the greatest benefits is that the appraisal used to determine your Renovation Loan is based upon the future “after-the-work-is-completed” value and not limited to the value as it may be prior to the remodel!
If you are a Real Estate investor and you specialize in the “fix-and-flip” model, there are special financing programs that act very similar to the owner-occupied programs outlined above. You can finance as much as 90% of the property acquisition and nearly 100% of the improvements in your proposed projects!
(*subject to the ‘after-improved valuation)
Turn your project into your very own “HGTV” style remodel TODAY!