- 01. Who It's For
- 02. Benefits
- 03. Eligibility
Is a San Diego Rehab Loan Right for You?
If you want to purchase or upgrade your home, then a rehab loan might be right for you. This loan is also a good fit for those who do not want to finance the repairs themselves.
Rehab Loan Eligibility Requirements
- Good credit score
- Down payment of 3.5% or more
- Self-occupancy of the property
- Debt-to-income ratio below 45%
What are the two kinds of rehab loans?
The streamlined rehab loan is for minor changes to your home and the total rehab cost does not go above $35,000. The standard loan is for bigger structural changes to your home such as remodeling or even building a new house.
Should I qualify for the purchase price like a regular home loan or the total loan amount?
Consider the total amount of funds that you are borrowing. This includes the purchase price and the cost of renovation.
I have an existing property. Can I refinance it to a rehab loan?
Yes! Get in touch with us at National Home Loans to get that started or to learn about your options.
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