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williamdona2001 · Joined: 31 Jul 2009 Posts: 54 0.00 Dollars($)

In Rehabilation Mortgage, what is the process lender follows to find out max mortgage amount?

angelagarfield · Joined: 25 Jul 2009 Posts: 54 0.00 Dollars($)

I hope you are asking about Rehabilitation Home Mortgage Loans

In Rehabilitation Home Mortgage, maximum Loan amount is the lower of :

- The as-is value, if appraised, or the contract sales price, plus the cost of repairs and improvements; or

- The existing debt on a refinance plus the repair costs.

gmakerley · Posted: Tue Aug 04, 2009 8:41 am Post subject:

and, of course, there's a 3.5% down payment requirement. this down payment is based not on the purchase price, but on the overall amount of the rehab loan.

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