Do you have a borrower that wants to buy a fixer upper home?
A rehab loan is great for your buyer because it is easier to get than a construction loan and is more stable than a HELOC. Buy the house and pay for the repairs all in one loan with one low easy payment and a one-time close. Funds for repairs are held at escrow.
Eligible properties are stick built homes, condos, modular – but not manufactured.
This program is NOT for the home handyman. The work must be done be a licensed contractor and must be an arm’s length transaction.
Ø Primary Residence or fix up for rental house – NO Flipping
Ø House must have been previously occupied
Ø Any type of improvements
Ø Remodel kitchen and baths
Ø Make the house energy efficient
Ø Make a house disable friendly
Ø Add a deck
Ø Add a garage
Ø Repairs can be up to 50% of finished appraised value
Ø Have six months to complete the work
Ø Can be a refinance for current residence
Ø Up to six draws for completed work
Ø Close in 60 days
To find out how easy it is to get a rehab loan for your buyer, call
Max Nasab
Mortgage Consultant
206-719-2694
NMLS ID# 112686
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