Hand Rehab Fee &

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  • #36056
    acrumby25
    Member

    I am expected to close sometime this month. waiting on a repair from the seller that is delaying my closing but I have a few questions.

    I received the rehab quote for my to approve and it had a 1100 rehab fee for a small loan under 5000. It seems really high.

    Also, How is the median income level determined for your area and how do I find it for my area. How does it play into my eligiblilty for a rehab budget.

    #36073
    TTrumble
    Member

    Hello acrumby25,

    I suspect you are misreading something. The HAND fee on all loans through Citi is a flat $500. You may be adding in the contingency funds that are factored in, budgeting an extra 10% on top of the rehab amount to cover unforeseen items.

    Contact the HAND department directly for clarification at 210-319-2978.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #58637

    Why is it different for Citi vs, BoA? This seems like something that would be universal since we don’t have a choice over which lender we finance through. I’m doing a renovation that’s over 100k and $3000+ is a far cry from $500.

    #58653
    Nelsont
    Member

    Citi exited the mortgage lending industry in 2018. Naca now only works with boa. Boa has no rehab fees that I am aware of.

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