When searching for a home, sometimes you find one that feels almost right – the perfect size in a great location, with a recently renovated kitchen – but it really needs some exterior cosmetic work. Or you may find one whose walk-up appeal is impeccable – but it still has laminate flooring from the 1960s.
Perhaps, you aren't searching for a new home, but after watching a home improvement show, you realize your kitchen could use some upgrades.
Fortunately, there’s a home loan for that: an FHA 203(k) Rehab Loan, which includes additional funds for repairs and renovations that are done before move-in.
At Caliber Home Loans, we offer two types of Rehab loans: Limited for minor remodeling and non-structural repairs, and Standard for the bigger jobs. There are benefits to both, and finding the right one for you is critical, so if you’d like to look into a Rehab loan, contact us today.
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Private Mortgage Insurance typically costs between 0.5% to 1% of the entire loan amount over 80% LTV on an annual basis.
Monthly Principal & Interests : $1145.80
Monthly Real Estate Taxes : $316.67
Monthly Insurance : $66.67
Monthly PMI : $0.00
Total Monthly Payments : $1529.13
Loan To Value Ratio : 80.00%
Months With PMI : 0 months