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Rehab Loans                                                                                                                                           

Rehab Loans are my specialty. Email Rehab Loans questions. Homeowners need better loans to finance a rehab. In the past, homeowners financing a rehab had few alternatives. 1) Pay for the rehab in cash. 2) Cash-out refinance based on the current value. 3) An equity line, based on the current value. This forces the homeowner to fund the rehab and not be reimbursed until after the loans close. Rehab loans address these issues.

I am a mortgage broker, specializing in rehab loans, and represent 22 construction lenders offering rehab loans. As a rehab loans broker, I work for my client and not the lender, taking time to understand your situation and placing your rehab loans with the lender whose rehab loans match your needs. I give you unbiased advice and support throughout the process. Rehab loans are a specialized part of mortgage banking and most brokers do not have the experience to guide you through this complex process. Construction lenders offer two types of rehab loans characterized by how they base interest rates during construction. I refer to them as “One Step” and “Two Step”

Rehab loans are a variation of the "One Time Close" construction/perm product. The advantage of them is that we lend against the finished or "as completed" value of the property rather than the current value. With other programs, you are out of luck if you do not have enough equity to complete the project. 

If you are purchasing a property that would be perfect if....... The first disbursement acquires the property and subsequent disbursements occur at predetermined points in the construction process. After construction, it modifies into the permanent loan saving the cost of a second closing.

If you are remodeling an existing property because it would be perfect if.... The first disbursement refinances any liens and advances any up front costs. Subsequent disbursements follow the above process.

You may act as the General Contractor if costs are less than $50,000 and the "footprint" is not changed. If your project will change the foundation we will require a licensed contractor.

We offer Rehab Second Trust or Rehab Home Equity Lines of Credit  using the as completed value..

I have a list of the documentation needed to process Rehab Loans, a section on Rehab Loans Frequently Asked Questions, a section on rehab loans draw schedules, and information on rehab loans fees. I have a section on contractor requirements and contracts.

A newsletter giving a detailed description of rehab programs available.

Rehab programs for investment property

One of the questions I frequently get from my clients is about finding a qualified and reliable contractor. After a great deal of research, I do recommend Reliable Remodeler. I have personally used their free service and was very pleased with the outcome. Please complete their contractor referral form for up to 4 local pre screened contractors.

In 2008, Short Sales are where most of the bargains in real estate are and they are NOT just for investors. Learn more about Short Sales

As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your debt is structured today can have a life changing effect in the years to come.  Read more about this free, no obligation service.

New! View my Wealthbuilder presentation and learn the safe way to manage your debt and fund your retirement.

Rehab Loans Prequalify for your Rehab Loans.

 

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Extensive consumer information on construction,remodeling, first time homebuyer,and no documentation mortgages.