203K Rehab Loan
This program requires a bit of extra time, energy and paperwork on our end and on yours, but the end result is that you’ll own a house with “built in” equity when the project is complete. My Own Mortgage specializes in government lending and we process thousands of FHA, 203K, VA & USDA loans every year in RI, MA, CT, NH, VT, and ME. Your Certified Mortgage Planner has the expertise to guide you through the process of getting your Rehab loan to the closing table as fast as possible.
Not all property rehabilitation loans are created equal. In fact, most Rehab loans require a 20% to 30% downpayment on the property. You can add improvement costs to the loan but on a conventional Rehab loan you usually need at least 20% down on the whole balance of the acquisition cost plus improvements.
Fortunately, HUD is still offering the FHA 203K Rehab program for owner occupied residential houses. The major benefit is that you generally only need 3.5% down on the cost of the house plus the improvements. That’s a very low downpayment on a Rehab loan, which makes the FHA 203K the most popular Rehab loan in America today.
This program can be used to accomplish rehabilitation and/or improvement of an existing one-to-four unit dwelling as follows:
- To purchase a dwelling and the land on which the dwelling is located and rehabilitate it.
- To refinance existing indebtedness and rehabilitate a dwelling.
To get pre-qualified for this great program, just click Apply Now.
We are licensed in RI, MA, CT, NH, VT, and ME.
