There are many homes in the market that are a diamond in the rough. With a little vision, elbow grease, and a little money, many of these homes can be restored to their former glory, and then some.

Having the money to repair homes, or bring them up to code is just out of the reach of many people. So in steps the two popular rehab loans:

• FHA 203k
• Homestyle Removation Loan from Fannie Mae

Both loans allow you to both BUY the home, and GET THE MONEY to update, improve, or renovate a home in need of a little TLC all in one easy loan.

You can also use the renovation loans to improve your existing home.

The best part of the rehab loan for your existing home is that it is based on the FUTURE VALUE of the home (after repairs value), versus a standard home equity loan, which is based on the current value of the home.

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Equal Housing Lender. NMLS 274132, 322798. Cambria Mortgage lends in the following states: MN, WI, SD, ND, IA, FL, TX, CO, This is not an offer to lend or to extend credit, nor is this a guaranty of loan approval or commitment to lend. The information here may not be up-to-date and may no longer be accurate. Products and interest rates are subject to change at any time due to changing market conditions. Actual rates available to you may vary based upon a number of factors. Consumers must independently verify the accuracy and currency of available mortgage programs. All loan approvals are subject to the borrower(s) satisfying all underwriting guidelines and loan approval conditions and providing an acceptable property, appraisal and title report. (C) Joe Metzler