If you’ve found your ideal home but it needs renovations, you can finance both the purchase and the renovation costs in one loan. An FHA 203(k) Loan, also known as a Rehab Loan, allows buyers to bundle these costs into a single mortgage with a low rate.

The VA offers a similar program for military members and veterans, enabling them to purchase a home and finance necessary renovations to meet VA standards. Rehab loans generally have similar qualification requirements to standard FHA or VA loans, with the addition of documentation related to the planned renovations.

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