Rehab Loan Finance the house and the fixes.
Roll the costs of renovation into your loan — for buyers of fixer-uppers and owners planning major improvements.
Fix up your fixer upper home with a Rehab Loan.
You may be able to purchase a home and roll the costs of the renovation into your loan.
Fix up your fixer upper home with a Rehab 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.
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Rehab Loan FAQs
What is a rehab loan?
A rehab loan combines the home's purchase price with the cost of renovations into a single mortgage. The most common options are FHA 203(k) and conventional renovation programs (HomeStyle, CHOICERenovation).
What kind of work can I finance?
Cosmetic updates, kitchen and bath remodels, structural repairs, additions, energy efficiency improvements, and accessibility modifications can all be included. Funds are held in escrow and released to your contractor as work is completed.
How is the appraisal handled?
The appraisal is based on the home's projected value after renovations are complete, using your contractor's bid as the renovation budget.
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Interest rate and payments remain the same for the entire term of the loan. Common terms are 30, 20, 15, and 10 years.
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A government-insured loan with flexible requirements — lower down payments, lenient credit, and competitive rates.
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Flexible VA home loans as either fixed-rate or ARM mortgages — for eligible service members, veterans, and surviving spouses.
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Purchase a home with no money down in certain rural and suburban areas. USDA loans are backed by the U.S. Department of Agriculture.
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