Rehab loans are specifically designed to get you the money you need to renovate the dilapidated home you're trying to buy OR to renovate your existing home.
Take the purchase price of your prospective home and add the cost of renovation work. This is wrapped up in a single, one-time close loan with one monthly mortgage payment.
There is no cheaper way to obtain the extra money needed to renovate!
Rehab loans fit the bill
There are two predominate rehab loans in our region - the F.H.A 203(k) and Fannie Mae's Homestyle program. While each loan has different terms and rates, for all intents and purposes they are identical in execution. Because they are both federal programs, the rules are convoluted, confusing, and cumbersome. That's why lenders utilize the H.U.D. Construction Consultant to plow through the construction documents needed to finalize the loan.
Randy the H.U.D. Construction Consultant
Randy has been doing rehab loan work since 1998. In fact, that's how he got in to his first home. That's 21 years and over 600 houses worth of rehab loan experience. Randy is one of the most experienced and reputable H.U.D. Consultants in the Puget Sound.
Don’t be dismayed by the naysayers and negative-nillies that may have had a bad experience with the rehab loan process. Be especially suspect of lenders who say that a rehab loan may not be the best for you. They may not have enough experience to comfortably work the program or may not be certified to process the loan.
It may be just right for you--maybe not
Truthfully, a rehab loan is not for everybody. It takes more time, more paperwork, and more steps than a conventional loan. Having the right experts on your side is critical. If you're interested, call Randy first--even before contacting a lender or starting your house search. He'll set you on the right path!