Is it always reguired to show capability to fix the house, do you usually have to show proof of funds to do the rehab?
2007-12-19 07:15:27 · 2 answers · asked by josh d 1 in Business & Finance ➔ Renting & Real Estate
It wholly depends on your loan program. With a government insured loan you most likely do need to submit to their minimum requirements, but a conventional loan would not require anything if it is being appraised in its present condition.
2007-12-19 08:47:10 · answer #1 · answered by linkus86 7 · 0⤊ 0⤋
that all depends on how much deferred maintence there is. If less than 10 %of the appraised value, probably not. If more then the lender wants to make sure you bring the home up to codes. FHA will give you rehab money in the loan.
I am a mortgage banker in TN & KY
2007-12-19 07:37:19 · answer #2 · answered by golferwhoworks 7 · 0⤊ 0⤋