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The
203k rehab loan is a loan designed for a 1-4 unit dwelling. It
can be used for a few different purposes:
To
purchase a property with a dwelling on that property and rehab it
To
purchase a dwelling on one property, move it to a new foundation on
the mortgaged property, and rehab it
To
refinance an existing loan and rehab the mortgaged property
A
203k rehab loan must be in first position, and if the use of funds
is to move a dwelling, the funds cannot be disbursed until that
dwelling is attached to the new foundation.
For
borrowers interested in obtaining a rehab loan for a dwelling they
intend to occupy, the 203k rehab loan is the only rehab loan we are
able to offer. For borrowers interested in obtaining
acquisition and rehab financing for investment properties, we offer
additional options that you can look into.
Contact me anytime for more information, or send me an email with an
overview of your scenario.
Please include the property address, estimated cost of rehab, and if
it is a purchase, the purchase price of the property. With
this basic information, we can look at the options available to
secure a rehab loan that meets your needs.
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