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Rehab Loan
Roll the cost of renovating a home into the loan you use to buy or refinance it.
A rehab loan (like an FHA 203(k) or a conventional renovation loan) lets you finance a home's purchase price and the cost of repairing or updating it in a single loan, instead of taking out a separate loan for renovations after closing.
Generally a good fit if you...
- Found a home that needs work but is priced to reflect it
- Don't want to come up with separate cash for renovations after closing
- Are comfortable with a bit more paperwork in exchange for financing it all together
General guidelines
- Eligible work: ranges from cosmetic updates to significant structural repairs, depending on the specific program
- Funds handling: renovation funds are typically held in escrow and released to the contractor as work is completed
- Down payment: varies by whether it's built on an FHA or conventional base loan
Looking at a fixer-upper and not sure how to finance the renovation?
Every situation is different, and these are general guidelines — the fastest way to know where you stand is a quick conversation. Send us a message or visit our team page to apply directly.