Homestyle

[Kal Paneliya]

Hello Everyone!

I am in the process of buying this property that needs rehab of about $30-$40k. I am buying it for a significant less money than it's ARV, so even after spending that much on rehab, the property will worth more than my loan + rehab cost.

I want to know about Homestyle loan. I have requested estimates from different contractors to submit to lender. I want to know, once loan is approved, if I have to go through those contractors only or I can do rehab as I want? Is it like I get the money from bank for rehab and I am free to spend it on its remodel? 

Can someone please explain how this process works?

Thanks a lot.