Home » Loans » Housing » HUD/FHA Rehabilitation Mortgage
What it is
An HUD/FHA rehabilitation mortgage enables homeowners and homebuyers to finance both the purchase of a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their existing home through the United States Department of Housing and Urban Development and the Federal Housing Administration, or FHA. Approved lenders make loans from their own funds to eligible borrowers to finance the purchase of manufactured homes. The FHA insures the lender against the loss if the borrower defaults. Credit is granted based upon the applicant's credit history and ability to repay the loan in regular monthly installments.
Who it's for
The program insures loans to finance the purchase and rehabilitation of property to borrowers who would not otherwise qualify for conventional loans on affordable terms and to residents of disadvantaged neighborhoods. It allows them to make structural alterations and reconstruction, modernization and improvements to the home's function, elimination of health and safety hazards, and changes that improve appearance and eliminate obsolescence. Other costs covered by such a loan include reconditioning or replacing plumbing, installing a well or septic system, adding or replacing roofing, gutters, and downspouts, adding or replacing floors and or floor treatments, major landscaping and site improvements, enhancing accessibility for a disabled person, and making energy conservation improvements.
What you need to do to apply
In order to obtain a property improvement loan, a borrower must contact several lenders or mortgage brokers and determine which ones originate FHA loans. Each lender sets its own rates and terms.
Apply for an HUD/FHA Rehabilitation Mortgage
Apply online for any type of housing loan at LoanWeb:
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