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What is the Minnesota Housing Finance Agency rehabilitation loan program?

The Rehabilitation and Emergency loan programs are deferred zero percent interest loans available to low-income Minnesota homeowners through participating Lenders. Loans must be for improvements that directly affect the safety, habitability, livability, or energy efficiency of the home.

How difficult is it to get a rehab loan?

Generally, borrowers must have a minimum credit score of 500 to qualify for rehab financing but may qualify for a reduced down payment with a score of 620 or higher. Additionally, certain lenders may impose additional regulations such as maximum debt-to-income ratio requirements or special down payment conditions.

How much money do you need down for a rehab loan?

The loan amount is based on the appraised value of your home including the proposed renovations. A 3.5% down payment is all that is required for purchases.

Is a rehab loan a good idea?

Advantages of a Rehab Loan Getting a rehab loan offers you the following benefits: Repairs and upgrades can increase the value of your home and increase your return on investment. A limited 203(k) loan allows you to personalize your new home with value-added non-structural changes.

Is a rehab loan?

Rehab loans, fix-and-flip, or home improvement loans, help homeowners or investors buy and renovate houses under one mortgage. These short-term loans include: Government-backed FHA 203(k) loan: Limited and Standard. Conventional options: Freddie Mac CHOICERenovation and Fannie Mae HomeStyle.