Whether you are buying a home to live in, or rent out we have loans that will allow you to buy the home and rehab the home at the same time with no more money down.
If you are buying a home to live in we offer rehab loans with as little as 3% down payment. This will allow you to improve the house up to code or you may want to improve the house to your liking’s. Maybe put in a new kitchen, remodel the bathrooms etc. To qualify for one of the loans you would need a min. credit score of a 580. The loans can work with an FHA, VA, USDA or a conventional mortgage.
If you are buying a second home you could put down as little as 10% down. This will allow you to improve the house up to code or you may want to improve the house to your liking’s. Maybe put in a new kitchen, remodel the bathrooms, add on an addition etc. This loan would need a credit score of a 620 to qualify, and these loans work with conventional mortgages.
Lastly if you want to buy an investment property, that needs to be brought up to code or just needs updating and have 15% down payment you can do that too. This loan also allows a minimum of a 620 credit score and works with conventional mortgages.
These rehab loans can be used for purchasing a new property or rehabbing a current property you already own. There are a lot of properties for sale that you can buy lower than the market value because they need to be rehabbed.
Barclay Butler Financial is located in East Dundee IL, and lends throughout the states of Illinois, Florida & North Carolina.