First Single Family Home - Renovations on Conventional Loan

First Single Family Home - Renovations on Conventional Loan

Member since 2019 · 2 posts · 0 votes

Hi Everyone - I'm looking to make my first real estate investment (buying my parents' home). Hoping to buy and hold, but needs a good amount of Renovations (Kitchen, flooring, bathrooms, carport, paint + popcorn ceilings). This is my first buy so i'd like to go 10% Conventional, however with the renovation needs, I'm wondering if I should do FHA instead to free up some cash instead? Are there renovation loans out there based on conventional? Thank you!

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  • Harjeet BhattiPro Member
    Lender · Glenview IL- CDLP NMLS#230554 · Member since 2015 · 2k+ posts · 747 votes
    6y

    @Marquel Martin You have 203k, HomeStyle (Fannie Mae) and Choice renovation (Freddie Mac) option for renovation purpose. You have to ask your lender which one will be good option for you. 

  • Member since 2019 · 2 posts · 0 votes
    6y

    Thanks so much @Harjeet Bhatti !!

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