Home rehab mortgages which has loan limits up to $3M, can be used for individual or family units.
If you’re thinking of Purchasing a Condo and would like to update kitchen, bath and flooring? … How about new appliances?
A Purchase/Rehab loan is the way to go to accomplish all that.
Here is an example of how the loan works:
Condo purchase for $500K plus $100K for the renovation work, which means a total cost of $600K.
Say you want to put 10% down – so you would bring to the closing table $60K + closing costs – and the bank would finance $540K.
Bank would normally finance 90% of the total cost up to a loan amount of $1.0M, 85% up to $1.5M, 80% up to $2.0M and 70% up to $3.0M.
All of this is based on you being qualified by me and it is possible to increase these loan amounts on a case by case bases for:
- Any Condo Rehab
- Condo purchase with Rehab
- Condo Refinance with Rehab
- Manhattan Condo rehab