A 203k rehab loan for a property throughout San Bernardino County gives you the chance to finance the cost of the home and the cost of any renovations needed all in one mortgage. Since everything is rolled into one mortgage loan, you don’t have to worry about the cost of renovating the home. It used to be difficult to purchase a fixer-upper because banks weren’t willing to loan money on a home that was in dire shape until all of the repairs were done. However, you can’t make repairs to the home until it has been officially purchased. All of that has changed with a 203k rehab loan in Rancho Cucamonga.
To secure one of these loans, you must be able to find a piece of property that requires minor cosmetic work or updates. You also need to meet the minimum credit score requirements, have verifiable proof of income and fall within the required debt-to-income ratio. Once your loan is approved, a repair escrow account will be set up so you can get everything taken care of in the property. You have to start the repairs within 30 days of closing and everything has to be completed within six months.
At Best Capital Funding, we have a team of real estate agents in Rancho Cucamonga who are ready to help you get the loan you need to renovate your property. Go over some of the requirements to determine what the total cost of the home can be in relation to all of the repairs that need to be done on the home.