Help with Rehab loan ideas

[Michael Rice]

I want to buy a property that needs a complete rebuild with the exception of "some" framing and foundation to make into our dream home. 

What loan suggestions do you have?

purchase $125,000

Rehab $50,000

ARV $234.000

Possible ideas 203k, Fannie Mae Homestyle, construction loan

I'm really wanting the lowest down payment. 

Thank you

[Matthew Porcaro]

For single family, I'd say that the HomeStyle is probably your best bet. It requires a bit less paperwork, and you don't need to pay PMI upfront like the 203k does (1.5% of loan amount at closing).

A loan officer that specializes in renovation loans should direct you to which renovation loan product works best for your specific situation and financial profile. 

I think your next step should be finding experienced renovation lenders in your market, and starting the conversation with them to get a pre-approval for the program(s) that work best for your goals.