Housing and Urban Development (HUD)
To qualify for a rehab loan, homeowners must meet certain criteria outlined by the Department of Housing and Urban Development (HUD). Some of these requirements include finding a property that may need repairs or improvements, meeting all lender requirements such as minimum credit scores, debt-to-income ratios, and proof of income, as well as finding a qualified lender.
Loan Usage Guidelines
Rehab loans can serve many purposes, including the purchase of the property itself. When this is done, the final loan amount can be more than the appraised value at the time of loan acquisition. These types of loans are often secured by the property projection. To learn more about how to qualify for a rehab loan in Sacramento, please visit our contact page.