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Rehab Loans - How Do I Qualify For a Rehab Loan?



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How do I qualify for one of your rehab loans? In order to qualify for a rehab loan, you

have to be what we consider a quality credit borrower and that would be a borrower with

a fairly unblemished credit history. We do pull a credit report and we would be looking

for a minimum of 660 credit score, with no mortgage defaults in the recent past and mortgage

defaults include short payoffs, settlements of mortgage loans, etc. If you're a borrower

that is otherwise qualified but for some credit blemishes we would encourage to seek a partner

or a guarantor, maybe a family member or someone to guarantee the loan who perhaps had a better

credit history. In addition, we need to be able to see from the documentation presented

by the borrower that they would be able to pay the loan, to make the monthly payments

on the loan. We would also look to see that the borrower can demonstrate an ability to

make the monthly payments on the loan.. And from that we would look at the borrower's

last 2 years tax returns, we would look at 6 months worth of bank statements, and we

would also look at the last paystub if the borrower is a W2 employee.