Rehabilitation Loans

Loans - Rehabilitation Loans

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Rehabilitation loans are required to restore, rebuild, or improve the structure of the house. These loans can be taken out to repair the damages caused to the property due to any disaster or calamity. However, usually people opt for these types of loans to fund their home improvement plans. Rehabilitation loans are also a preferred way of refinancing a property, as a rehabilitation program considers its potential worth and not the current value, as is the case with conventional lending programs.

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The interest rates offered for rehabilitation loans are usually high as compared to other property loans. The term of a rehab loan can range from three and twelve months. These loans are used for improving energy efficiency,addressing lead paint hazards in a home, and replacing electrical wiring as well as new roofing, plumbing and septic works. To be eligible for a loan, the applicant must be currently occupying the house. The applicant needs to submit an application for a rehab loan with the lender, which offers reasonable terms and conditions in order to satisfy the requirements of the homeowners.

The companies that grant such loans are looking at not only the financial position of the loan applicant, but also at the repayment capability. Housing and Urban Development (HUD) officials approve the loans after the applicants fulfill the eligibility criteria. These kinds of loans require a lot of paperwork and have high closing costs; even so, they are still considered to be agood source of financing. The rate offered for rehabilitation loans varies according to the structure of the house, which can be a single residence or two or more unit dwellings.

The rehabilitation loan program is offered to homeowners as a means of encouraging them to keep the ownership of the house. It is also advantageous for people who have limited financial resources and who would not have otherwise been able to afford a house of their own.

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