- 01. Who It's For
- 02. Benefits
- 03. Eligibility
Is a 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.
I shopped around a bit for a broker, and was referred to John by a coworker. He was by far the most personable, professional, and proactive broker that I interacted with. He promised me that he was doing everything he could to protect my family's money and get us into a house that we love, and he did. The bottom line is he got us our desired results, he offered great advice, and he earned my trust and confidence. I would recommend his services to anyone looking for a knowledgeable and passionate mortgage broker.
Have been working with John for a couple months now; he is very patient and understands our needs as first time home buyers. John has been amazing and answers all our questions, I think we have found our long time broker. He has the clients best interest in mind which is very refreshing. A++
John is great at what he does, especially for first time homebuyers. He is willing to go the extra mile for his clients and will explain exactly what he's doing along the way. I'm so glad we were able to work with him and I highly recommend him.
Beyond grateful to have been referred to John G. right after getting our offer accepted on a home. We would not have been able to do it without him. He secured us a great rate, which was a game changer in our decision to purchase. It was our first home purchase, and he helped us navigate every single thing, and was extremely responsive and available to chat when we needed him. The entire escrow process was smoother and quicker than we could have ever hoped for. He was a pleasure to work with, and we hope to continue to work with him in the future.