Does it have to be a HUD home to qualify for a rehab mortgage loan?

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3 Comments
  1. Reply
    Hands Up!
    January 22, 2011 at 6:01 pm

    No. Any home can qualify as long as the home appraises for enough to cover the mortgage amount and rehab costs.

    For instance, if the home appraised for $ 50,000. Mortgage for $ 45,000.
    The bank would not give you any money for rehab too.

    If the mortgage was for under $ 40,000. they may give you $ 5000. or more for rehab.

    Each bank is different and decides how they will handle each home/mortgage.

  2. Reply
    Carol
    January 22, 2011 at 6:16 pm

    Absolutely not. Any home can qualify if it meets the requirements of the particular lender and program.

    For example, FHA has the 203K program for rehab mortgages. The home, the mortgage, and the borrower must meet the criteria to participate. But buying a HUD home is not one of the criteria.

    By the way, it’s a smart move to make. Great way to buy a home because you can buy it and really make it your own from the start.

    Good luck.

  3. Reply
    Mark
    January 22, 2011 at 6:33 pm

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