An increasing number of homebuyers are interested in purchasing homes in need of rehab and renovation, to sell for profit. There are both conventional and government-backed loan options available to cover the cost of purchase and rehab for qualified borrowers. Whether you are located in Orlando or any where nationwide, Quick Close Loans LLC is here to help you find the rehab financing you need.
One of the most popular types of renovation loans is Fannie Mae’s Loans. They may be used to purchase and rehabilitate a home or to refinance an existing conventional loan to raise funds for home improvements. Fannie Mae is a government-sponsored entity (GSE), but not an official division of the federal government. When you take out a loan, a portion of the funding is designated for rehab only and held in an escrow account. To get approved for this rehab loan, you should have a credit score of at least 620 and raise at least 10% down payment. You must also submit paperwork from a contractor showing a cost estimate and a detailed plan for rehabilitation work.
Cash-out refinance is one way to raise cash for rehabilitations to your existing investment property. Quick Close Loans LLC can help you take out a new, refinanced conventional mortgage for a higher value, and you will receive cash funds for improvements. In exchange for your cash payout, your new mortgage may have a longer repayment term, higher monthly payments, or a combination of the two.
If you’re interested in learning more about these or other types of rehab funding solutions, Quick Close Loans LLC has answers for you. Contact us today to learn which rehab options you qualify for and to take a closer look at which home financing solution will help you achieve your long-term goals as a homeowner. We work closely with clients through Florida and nationwide.