Fix Up Your Dream Home with a Rehab Loan from Lendmire

If you’re looking to transform a home with potential, Lendmire’s rehab loans offer a streamlined financing option that supports both the purchase and renovation process. These loans are designed to help you turn a fixer-upper into the home you envision.

What is a Rehab Loan?

Rehab loans combine the costs of purchasing and renovating a property, allowing you to finance both in one step. At Lendmire, we offer several rehab loan solutions, including FHA and conventional options, tailored to meet a variety of home improvement goals.

FHA 203(k) Rehab Loans

The FHA 203(k) loan, insured by the Federal Housing Administration, provides financing to cover both the purchase price and home improvements. This loan program supports eligible repairs and upgrades, offering flexibility for various renovation needs.

Key Features of FHA 203(k) Loans:

• Simplified Financing: Roll the home purchase and renovation into one loan for easier management.
• Support for a Range of Repairs: Eligible improvements include both structural repairs and aesthetic upgrades.

Conventional Rehab Loans

For those seeking non-government-backed financing, conventional rehab loans offer a similar approach to funding both the property purchase and renovation costs in a single package.

Key Features of Conventional Rehab Loans:

• Enhanced Financing Options: These loans support larger renovation projects, depending on borrower eligibility.
• Customizable Repayment Structures: Choose loan options that suit your financial goals and plans.

How Rehab Loans Work

• Single Loan Solution: Rehab loans provide a combined financing option for purchasing and renovating a property, potentially offering a cost-effective alternative to separate loans.
• Eligibility Requirements: Borrowers may need to provide details on the renovation project, including cost estimates and plans, to meet qualification standards.
• Early Payoff Flexibility: Rehab loans at Lendmire offer the option to pay off your mortgage ahead of schedule without extra fees.

Ready to Transform Your Fixer-Upper?

Lendmire’s mortgage specialists are here to guide you through your rehab loan options. If you’re ready to explore how these loans can support your home renovation goals, contact us today to get started on making your vision a reality.