These loans do require a longer close time and typically have higher score requirements.

We do have two loans that have no payment obligation during the interim of construction phase. Inquire within for more information on these loans.  

Enhance your fixer-upper with a Rehab or Reno Loan.

If you’ve found a home that needs renovations, you can purchase it and include the renovation costs in your loan. Conventional renovation loans are available with both Fannie Mae and Freddie Mac. (Conventional)

An FHA 203(k) Loan, also known as a Renovation Loan, allows you to finance both the purchase of the home and the renovation costs with a single mortgage at a low rate.

The VA offers a similar option for military members and veterans, enabling them to buy a home and finance necessary renovations to meet VA standards.

USDA also offers a renovation loan option for the right geographical locations. It is a 100% loan requiring no down payment on a purchase loan including rolling the costs of renovation into the loan as long as it meets USDA standards.

Rehab loans generally have qualification requirements similar to those of standard USDA, FHA or VA loans, with additional documentation required for the renovation aspects. All renovation loans can be used on a purchase or refinance basis.

Give us a call! One of our Mortgage specialists would be happy to assist you and answer any of your questions.