Rehab Mortgage Loans
- Is the home that you are purchasing in need of repairs or you would like to upgrade it?
- Are you trying to purchase a home that does not allow for any type of financing other than a rehab loan?
If you answered "yes" to either question above, then our FHA 203k or Fannie Mae Homestyle Renovation could be the purchase product for you! A rehab mortgage loan allows you to customize your home to your specifications, and even though this is one of the hardest loans to qualify for, it is definitely a great loan for those who find a home which does not qualify for traditional financing.
How does a rehab loan work?
Rehab loans provide money to purchase a home and then make additional upgrades or repairs to the homes. The borrower is given one single loan and has one single payment; however, the loan is disbursed accordingly such that the seller (as in the case of a purchase) is paid off immediately and the contractors are paid as work is completed. For the most part, rehab loans do not allow a borrower to do the work themselves unless they are skilled and trained in that area of renovation. More often than not, the borrower must higher licensed & bonded professionals to complete the work.
Did you know that?
- Our rehab mortgage loans allow for many different types of repairs to occur on a home.
- Our rehab mortgage loans allow for a homebuyer to make multiple upgrades to their own personal specifications.