what is a rehab loan

 · Looking at listing, says "cash or rehab loan only. Can you explain why or exactly what that means? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

On the face of it, the FHA 203(k) rehab loan (often erroneously referred to as a 201k loan) can seem like a miracle. After all, you get money to buy the house and extra money to remodel the house, and you get it all right away. However, it is important to remember that: This is still a loan, not a grant.

 · There are two types of 203(k) loans: a streamlined version and a regular version. The streamlined 203(k) program is meant for homes that don’t need structural repairs. These loans are.

One way to get out of default is to repay the defaulted loan in full, but that’s not a practical option for most borrowers. The two main ways to get out of default are loan rehabilitation and loan consolidation. While loan rehabilitation takes several months to complete, you can quickly apply for loan consolidation. However, loan rehabilitation.

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FHA 203k Streamline rehabilitation mortgage loan program for buying REOs, short sales or old properties. Offered to first time homebuyers to buy a fixer.

home equity loan self employed How to Get a Mortgage If You're Self-Employed – Great at tax time; not so great when talking to Mr. Mortgage Guy. So if you are self-employed and thinking of applying for a mortgage, refinance, or home equity line of credit, here are some tips.

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Trouble With the VA Rehab Loan. The only trouble you may have with the VA rehab loan is finding a willing lender. Just because the VA allows the program doesn’t mean lenders want to take the risk. The VA doesn’t fund the loans or even underwrite the loans. The VA approved lender does everything.

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FHA 203k loans are designed to help borrowers finance an older home that needs significant repairs. To get an FHA 203k loan, you must work with an FHA-approved lender. You will also have to provide a detailed proposal of the work you want to do.