fact sheet. program status: open What does this program do? Also known as the Section 504 Home Repair program, this provides loans to very-low-income homeowners to repair, improve or modernize their homes or grants to elderly very-low-income homeowners to remove health and safety hazards.
Borrowers can use a rehab loan in such situations, to finance the necessary renovations. Advantages of a Rehab Refinance. There are a number of advantages to refinancing with the FHA 203(k) Rehabilitation Loan. With the FHA Rehab Loan, you have the option to refinance your property and create your own home equity with repairs and upgrades.
Initial Loan Amount $112,500. $20,000 to be held in escrow and released in two draws of $10,000 (1st draw when rehab is 50% complete, 2nd draw when rehab is 100% complete). final loan amount 2,500 when project complete. ITEMS NEEDED PRIOR TO CLOSING: gcmac real estate info Form (PDF available on website) Copy of driver’s license and SS #
Fha First Time Home Buyer Grants 100 percent home Loan 100 percent home loans 100% home loans – 100 Percent Home Loans provides access to online finance through cooperation with loan institutions unrelated to 100 Percent Home Loans. Completion of this form will provide authority for 100 Percent Home Loans to act as your agents in arranging the provision of finance to you.