San Antonio rehab loans are available for primary property owners and real estate investors alike. These come in three general structures but do expand a bit. So, there’s ample funding for renovations, including for new purchases or existing ownership. That means it’s possible to do a lot of things, including minor upgrades or major renovations, and even something like installing a swimming pool. Read on to learn more about San Antonio rehab loans and what you need to know.
San Antonio rehab loans, as mentioned above, come in three primary forms. (Though some are offered with bits of modifications to accommodate certain types of uses.) Generally, though, these are the types of remodeling loans available:
- FHA 203k loan. This loan is one of the most common and popular because it only requires a minimum credit score, ranging from 500 to 580, and a down payment of as little as 3.5 percent, and as much as 10 percent. However, It can only be used for primary residences, and not investment and or rental properties. So, it is more often the choice of homeowners who want to finance minor or major home improvement projects.
- The Fannie Mae HomeStyle loan. This loan differs from the former because it can be used to not only purchase a primary residence, it can also be used to buy a rental house or any real estate investment property. This loan requires a minimum credit score of 620, with a down payment of between 3 and 5 percent.
- The Freddie Mac CHOICERenovation loan. This rehab loan can be used for a number of things including something like installing a swimming pool.