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How to Use Major Rehabilitation
- What is Major Rehabilitation? You may have heard people mention the
WHEDA
Home Loan. Major Rehabilitation is a special kind of Home Loan.
With a Major Rehabilitation loan, you can purchase a Home that might
need a lot of remodeling and/or repairs (rehabilitation). The cost of
buying the Home and the rehabilitation would be included in your WHEDA
loan. You may also rehabilitate a Home you already own. You would include
the payoff amount of your current mortgage loan and the cost of the rehabilitation
in your WHEDA loan.
- You'll want to make sure that the rehabilitation (repairs/remodeling)
will equal at least one third of what the sales price of the Home is.
If you already own your Home, you'll want to make sure that the rehabilitation
equals at least one third of what the sales price of your Home was when
you bought it.
- Need to find a participating WHEDA lender? Check our list
of lenders and contact one today!
- Need some help in getting ready to purchase a Home? Are you are even
sure where to start? We have lots of helpful hints and information to help you feel more comfortable with getting ready to purchase a Home.
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