Rebah loan + more

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  • #72319
    anabellinett
    Participant

    Hi NACA community – I have a few questions that have come up for us and I’d like clarification on:

    What is NACA’s process for obtaining a 203K loan/rehab renovation loan? We’re coming across townhouses in NYC needing extensive repair; therefore, requiring a rehab loan.

    We’re also coming across multifamily townhouses needing extensive repair. If we identify multifamilies within our approved range, are we allowed to move forward with those units even if we’re currently approved for a single-family home?

    #72320
    Nelsont
    Member

    203k is an FHA loan which is not associated with naca. The confusion lies in what naca calls a rehab loan which works the same as a 203k to an extent. With naca you will still get a conventional loan it’s just more work and communication with the hand department. Basically the process is identical to start. You would have an inspection and have the inspector upload the report. When hand comes back with the review of the report you would notify hand you want to get a rehab loan then get a contractor or architect to draw up plans and an estimate which need to be submitted to hand for review. Simultaneously you would submit a wishlist of items to hand. Upon a approval you can start the rehabilitation with a contractor that agrees to be paid in full at closing. These are contractors who are able and willing to secure a construction loan or have the cash. If you know ahead of time you will need a rehab you should tip your MC off.

    I’m not positive about the multi family. My guess is you would need to be re submitted for qualification first. Multi family houses are zoned differently, come with more stringent county code requirements and have a different set of criteria such as much more mrf. You could always petition the county to rezone the house…

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