Rehab financing a house we already own

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My husband and I purchased a house about a year ago; we assumed what was remaining on the existing mortgage. It’s in desparate need of rehab. What are some options for rehab-only financing? We’re newbies when it comes to rehab.

Hi Erin, have you considered a personal loan?  It might not be ideal as the interest will be in the 10% range but it might be an option if after the property is rehabbed, it gets the property back up to what the market is in your area.  Then you can refinance and pay the loan off.  You might even be able to pocket some money to buy another house.  Something to consider. Good luck.