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Sometimes called a renovation loan, rehab loans allow homebuyers to finance both the purchase or refinance of a home through one single mortgage.
Real investors and some homeowners are purchasing homes that need to be renovated before sale at a discount, rehabilitating the property, and selling for a profit. Depending on whether you plan to renovate the home and then occupy it or are looking for financing to fix and flip, there are a few loan options worth considering.
A rehab loan can be used to both purchase the property and renovate in the same loan. Some of the uses for a rehab loan include:
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