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A Rehab Loan benefits borrowers, as well as lenders, since it insures a single, long term loan–whether its a fixed-rate or ARM– that covers the purchase/refinance and renovation of a home. The FHA’s 203(k) program is also a good option in cases of federally declared natural disasters that cause property damage or destruction.
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One is a conventional renovation loan. The other is a FHA 203K loan. You will have to decide which type of loan is better for you. The FHA 203K loan works best for those individuals who have only the minimum funds to buy the property. Consult with your loan officer to see which loan product is best for you and your situation.
· Points on a rehab loan are part of the cost of borrowing the money. They are part of your closing costs and usually range from 1% to 10% of the amount of the loan. Most lenders will negotiate this fee depending on the interest rate and term you receive. Rehab loans generally have repayment terms of 12 to 36 months.