Are there gov programs for rehab?
The US Department of Housing and Urban Development’s Section 203K rehabilitation loan programs is designed to facilitate major structural rehabilitation on houses with one to four units that are more than one year old. Condominiums are not eligible.The 203(K) loan is usually done as a combination loan to purchase a fixer-upper property “as is” and rehabilitate it, or to refinance a temporary loan to buy the property and do the rehabilitation. It can also be done as a rehabilitation-only loan.Plans and specifications for the proposed work must be submitted for architectural review and cost estimation. Mortgage proceeds are advanced periodically during the rehabilitation period to refinance the construction costs.For a list of participating lenders, call HUD at (202) 798-2720.If you are a veteran, loans from the US Department of VA Affairs also can be used to bay a home,build a home, improve a home or to refinance an existing loan. VA loans frequently offer lower interest rates that are
