Options to finance rehab?

[Jackson Tate]

I'm looking at paying cash for a house that needs a complete renovation. I have a lender I've worked with on renovation loans before but am wondering if there are any good options out there to finance just the rehab costs?

[Andrew Postell]

@Jackson Tate sorry for the delayed response here but thought I would comment in case others are looking for this type of information.  This is a somewhat common discussion topic.

You can absolutely find loans that will just finance the renovation work on a property - especially if you aren't under a time crunch and already own the property.  The Fannie Mae "HomeStyle" loan is designed for this specific thing.  It's a 30 year fixed rate loan, usually 1/2 the rate of hard money and 1/2 the costs, but it requires a 30 day closing period.  And that's why hard money is in the market - because they can close quickly.  But since you already own the property it sounds like it might fit for you. Tag me if you have any specific questions on this type of a loan.  Thanks!