Home Rehab/Repair Loans
Looking for a home loan that can finance improvements? If you’ve found the ideal fixer-upper in Utah, or are interested in adding a new kitchen or bathroom to your current home, this could be the answer. This flexible rehab loan allows you to make repairs or rehabilitate a property with just one mortgage, saving you from the hassle and additional costs of applying for multiple loans . Purchase or Refinance… the option is yours. The extent of the rehab covered may range from. anything minor of $5k to virtual reconstruction!
An example of some expenses eligible can include:
- Materials, labor, contingency reserve, overhead and construction profit
- Up to six (6) months of mortgage payments for non-habitable
- Expenses related to the rehabilitation such as permits, fees, inspection fees by a qualified home inspector, licenses and consultant and/or architectural/engineering fees
- Painting, room additions, decks, detached garages
- Structural alterations and reconstruction
- Modernization and improvements to the home’s function
- Elimination of health and safety hazards
- Changes that improve appearance and eliminate obsolescence
- Reconditioning or replacing plumbing; installing a well and/or septic system
- Adding or replacing roofing, gutters, and downspouts
- Adding or replacing floors and/or floor treatments
- Major landscape work and site improvements
- Enhancing accessibility for a disabled person
- Making energy conservation improvements
- Available on Purchase or Refinance transactions
- Investment properties qualify as well
