Renovation loans are like a mortgage and a construction loan rolled into one, with a single closing process. Through these programs, Silex can obtain financing to cover the cost of the home purchase (or refinance) as well as the cost of renovation or rehab.
These
types of loans are well suited for home buyers who want to buy a fixer-upper and for existing homeowners who want to do some improvements to their home. Here are some keypoints you should know about renovation and rehab loans: