Have you found that “almost perfect” home in the right location that is selling at a reduced price because it needs a little rehab work or would you like to complete remodeling projects in your current home?
A Rehab Loan may be your answer to turning that “fixer-upper” into your dream home!
The Rehab Loans (Homepath Renovation, Homestyle Renovation, and FHA 203k) are a popular mortgage program designed for borrowers who want to finance the cost of home improvements into a new mortgage payment, at a lower interest rate.
The financing for this loan includes the purchase price of the new home or payoff of your current mortgage, as well as the renovation costs for the work you are having done. All of this, in a fixed rate mortgage with tax-deductible interest.
Think of this as a one-time close construction loan.
Benefits of the RENOVATION Loan:
Savings –Refinance your existing mortgage to a lower interest rate, and get your remodeling work done all-in-one!
Low FIXED-RATE Interest Rates–Historically, Home Improvement Loans have been at very high interest rates that are not tax deductible, whereas the Rehab Loan allows you to take advantage of the low, fixed-rate interest rate that is tax deductible.
Great Property Deals–Rehab Loans can be used on “fixer-uppers,” enabling you as the buyer to get a great deal on a purchase of a home in need of repair.
YOU’RE IN CHARGE –You can customize this loan however you would like. You can do one project, or ten projects. You pick the contractors, colors, styles and the budget. You’re the boss!
Whether purchasing or refinancing,
get started with your renovation loan today!
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