Can someone tell me what is a rehab loan? I'm looking at a property I like.

Loans under the 203(k) program are only for structures designed for one to four families.

refinancetoolbox

in Financial Services 12 years and 1 month ago

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armchairwarrior | 12 years and 11 months ago

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It says it needs a rehab loan. most of the place is already gutted. It is 2 family. Can i still get a normal loan? is a rehab loan harder to get? Also does it cost more to get a rehab loan?

callalily | 12 years and 11 months ago

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If there are no bathrooms, kitchens, heat, etc., it won’t qualify for a conventional loan. A 203K loan is more expensive, and there are other issues, such as how and who can do the work. But it’s not harder to get, and with interest rates so low, it’s a good time.

armchairwarrior | 12 years and 11 months ago

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sounds problematic, hmm yeah non functional bathrooms and kitchens etc… and most of it been gutted already :(. blah sucks ass.

armchairwarrior | 12 years and 11 months ago

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also thanks :).