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.
CONTACT US FOR ASSISTANCE
If you’re looking to apply for a Construction/Rehab loan in the Greater Atlanta area and need some help with the process, we invite you to call AML today and schedule an appointment. We make it a point to provide personalized assistance to all of our clients, making sure they receive the funds they need for planned purchases and/or renovations. You won’t be disappointed with your choice!
