CONSTRUCTION/REHAB LOANS

Do you have the urge to knock down or build some walls? A Home Construction loan has a shorter term than a Conventional one. They are designed to provide the loanee with funds needed to fix up a property or build one from the ground up. The construction in question must be completed within the term of the loan, which is usually one year, and a certificate of occupancy must be issued during that time.

A Home Renovation/Rehab loan is a loan that includes funds for renovating, remodeling, rehabilitating, and repairing a home. It’s often a mortgage with extra money for home improvements. It can be in the form of:

• a purchase mortgage, with more money for renovations
• refinancing your current mortgage loan to receive a cash payout for home improvements
• a Home Equity Line of Credit (HELOC)
• an unsecured personal loan
• a government loan such as a Fannie Mae® HomeStyle loan or FHA 203(k) loan

Please be advised that you do not have to reside in the home to be fixed up to qualify. Some construction/rehab loans can be used to purchase a property and make renovations without separate financing. 

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