Need Advice: Home Renovation Loan?

[Danny Mak]

I am writing this post feeling nervous and excited. I am about to purchase my first property in Massachusetts. The home I want to purchase I believe will need about $10,000-20,000 before it is move-in ready. I was looking at some Massachusetts home renovation loan programs and the one with a 5% fixed rate requires me to have lived on the property for one year. I obviously am just going to be purchasing the home so I will not have lived in it for that long..

The mortgage I plan on purchasing the home with is a 3% down conventional loan. What is my best option to get a loan for this amount to pay in 3 years or so?

[Paul Welden]

There are many types of rehab loans and the best one is determined by your rehab needs, loan qualifications, type of rehab, property type, occupancy status, and other misc items. Best to discuss with an experienced rehab loan specialist, such as Mortgage Possible.