Last Updated: November 21, 2022   If you're like many first-time buyers, saving up the chunk of money you’ll need to buy a home can be a real challenge.

Is there a gap between the home you want and the home you can afford? If so, you might consider buying a home that needs some love with a renovation loan. These loans allow you to buy a home and get the funds you need to cover the costs of repairs, remodeling or renovations to the property - all with one loan. 

Good credit, low debt, and a steady income could get you low interest rates and terms.