Rehab Loans To Purchase Foreclosures
Rehab loans can streamline and expedite the loan process when considering to purchase a foreclosed property. However, if are on a limited budget, make sure to do your due diligence when inspecting the home for needed repairs. Rehabbing a home can be troublesome, particularly if the foreclosed property is in need of significant repairs.
Using Rehab Loans for Repairs
Common repairs you can expect when purchasing a foreclosed property are painting the home, replacing carpeting, fixing the molding and enhancing the curb appeal. Rehab loans can provide that extra funding for additional repairs like changing the property layout and updating kitchens.
Hard Money Loans for Rehab projects
Cant get financed with your bank? No surprise…the banks have tightened down on requirements for all lending options and borrowers find themselves in a bind for funding options.
Hard money lending is a great option to traditional financing for rehab projects. Traditional banking options require extensive documentation, excellent credit scores, and will take several months to ultimately get an approval or denial for your loan. Hard money lending is simple. There is minimal documentation required and the process can be completed within a short week or two. This option can get you moving on your rehab project quicker and with less stress.
To learn more about rehab loans click here.