Rehab Financing Inquiry

[Jonny C.]

Hey everybody,

I'm curious as to what loan options there are for rehab work. For example, say you buy a property for 350k, but it's going to take 150k to bring it up to standard (livable). Is there a separate loan with a similar interest rate (to your mortgage) you could take out for the 150k of rehab? Or is there a way to wrap the mortgage and rehab loans together?

I was researching some old posts and, correct me if I'm wrong, it seems like you could do this with an FHA 203K loan?

However, what if you have more than 3.5% to put down and don't want to live in the property (just rent it out) what would some other loan options be? 

Thanks for your time everyone.

-Jon