With today’s dwindling housing supply, many homebuyers are considering “fixer-uppers.” However, after closing on a traditional loan, many people–especially first-time homebuyers–lack the funds needed to make to make the required renovations. But thanks to the HUD 203(k) and Fannie Mae Homestyle rehab loans, the dream of owning a home is becoming a reality for more people. But which is the best option for you? In this month’s blog, the experts at Advanced Home Inspection compare the HUD 203(k) and Fannie Mae HomeStyle rehab loan.
Both HUD 203(k) and Fannie Mae HomeStyle rehab loans are available for purchase and refinance transactions. And while both are essentially “one time close construction loans,” each allows for different repairs and carries different requirements.
This guide will help you find the best rehab loan for your needs.
Continue reading “Rehab Loan Options: HUD 203(k) vs. Fannie Mae Homestyle Loan”