Rehabilitation mortgage

A mortgage for the purpose of repairing and improving a resale home or building.

When doing renovations to your home with a rehabilitation loan look at what the cost of the rehabilitation is going to cost versus how much the home will be worth after the rehab. is done. You don't want to overdo the home and put a ton of money into the home and only get half, or less, of the money paid for the rehab. work back.

Also known as a FHA 203K rehab loan. You need at least $5,000 in repairs in order to get the loan.

You may be able to get a loan based on what the home will be worth after the renovation is completed. This type of loan is referred to as a Renovation or Rehabilitation Loan.

Fannie Mae Homestyle mortgage is a good rehabilitation loan.

Many Cities have thier own local programs available that don't have to be paid back provided you own your home for a specific period of time.

For more information regarding this topic, please call Mike Williams at 516-921-9000 or email mwilliams@northshorefunding.com.