Get A Mortgage Rehab Loan
If you’re buying a home that needs a lot of work or you own a home but it needs home improvements, a rehab loan may be just what you need.
At Mortgage Loan Center, we offer a variety of rehab loans to help people with different qualifying factors get the financing you need.
While we have a variety of rehab loan options, they all have one thing in common – you take out one loan and get money to buy/refinance a home and money to make the necessary/desired home renovations or repairs. Get a mortgage rehab loan today!
Here's how we can help:
FHA 203K Loan
The FHA 203K loan combines the flexibility of an FHA loan with the benefits of a rehab loan. You need only 3.5% down on the home and you can borrow up to 110% of the home’s after-repaired value.
You get one loan with low FHA rates and flexible underwriting guidelines. This is perfect for our borrowers with less-than-perfect credit as the FHA 203K loan allows credit scores as low as 580. Get a mortgage rehab loan today!
We’ll help you choose the right FHA 203K loan from the two offered:
- Streamline FHA 203K loan – You can borrow up to $35,000 for renovations, but the renovations cannot be structural. The process is less entailed than the full 203K if you are making minor or cosmetic changes.
- Full 203K loan – If the home needs structural changes or the repair costs exceed $35,000, the full 203K is a great option. It’s still flexible and affordable, but it is a bit more detailed. Our professionals will walk you through each step.
Fannie Mae HomeStyle
If you have great credit and a decent down payment, the Fannie Mae HomeStyle option may be a good choice. This is the conventional rehab loan that’s great for high qualifying borrowers.
Like the FHA 203K loan, you borrow money to buy/refinance the home and fix it up. If you’re buying a home, you can borrow up to 97% of the home’s value for first-time homebuyers, 95% for subsequent homebuyers, and 75% of the renovation costs for homeowners refinancing.
Home Equity Loan or Cash-out Refinance
If you own the home and want to make renovations, you can tap into your home’s equity. Equity is the difference between the home’s value and what you owe. Most of our loan programs allow you to borrow up to 80% of the home’s current value including the outstanding loan.
- Home equity loans provide your funds in one lump sum and require principal and interest payments right away.
- Home equity lines of credit provide your funds as a credit line. You draw the funds as you need them and only owe interest during the draw period (first 10 years).
- Cash-out refinance provides your funds in one lump sum but refinances your first mortgage, giving you a larger loan and larger payment versus two loans.
Let Mortgage Loan Center Help you Renovate your Home
Whether you’re buying a home or you own a home and it needs renovations, we offer a large number of rehab loan options to help you make the most of your time and money. Let our professionals help you choose the right loan. Get a mortgage rehab loan today!