This mortgage can be done by both Conventional and FHA Loan Programs. This program allows borrowers to do minor repairs, purchase new appliances, and do additions to properties for both a purchase or a refinance.
Loan Term Options
Rehab Home Loans can be done with 30 years, 25 years, 20 years, 15 years, or 10 years terms.
Situations Where You May Get a Rehab Mortgage
- To Increase the value of your home.
- To make minor repairs to your property like windows, painting, flooring, and etc.
- To make major repairs like additions.
- To put new appliances in the property.
Benefits of a Rehab Mortgage
The major benefit of doing a Rehab Mortgage is that you get to design and repair a property to make it your Dream Home.
Depending on what county you are in (as well as loan type) there are loan limits with Rehab Mortgage. To learn more about this please call us today for a free consultation.