Rehab Home Loans    

A rehab home loan could very well be the answer for potential buyers to fit their needs. How it works is a home can be purchased and rehabbed at the same time. Typically there is one mortgage payment with interest that may qualify to be included in the loan amount.

The most popular rehab home loans are the ones offered by the Federal Housing Authority (FHA). The FHA rehab loan can be obtained at very competitive interest rates and the rehab mortgage loans permit homebuyers to finance the cost of repairs within the mortgage at low rates. This equates to getting the best interest rate on the new mortgage while also getting an excellent rate for home improvement.

To be eligible for an FHA rehab mortgage loan, the subject property must meet specific criteria such as being a one to four unit property.  FHA loan funding cannot be used for 100% investment properties so all one has to do is occupy one unit of a maximum of four units. The home must be at least one year old. The minimum improvement costs must be $5,000. The value of a property will need to be determined by a certified FHA appraiser. 
For more information please go to: http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm

Whether you're a first-time homebuyer or an experienced homebuyer, call us 949.309-2868 to find out what some of the best financing options might be for you.