Idaho Conventional Rehabilitation Home Loan for Investors, Second Homes and Primary Residences.
When purchasing a home, or if you have been living in one for quite some time, often there are changes home owners would like to make to their property. It can be expensive and a hassle to come up with several thousand dollars, out of your pocket, to make the changes you want. With an Idaho Conventional Rehabilitation Home Loan Mortgage you can actually keep your money in the bank and finance in the repairs you want to make to your property. Below I have outlined some of the basics of the program.
- Owner occupied, second homes and investment properties are eligible
- Eligible Properties include attached, detached single family residences, attached , detached PUD’s, low/high rise condos allowed, 2-4 units allowed (must have written approval from HOA)
- No Manufactured Homes
- Borrowers may not have more than four currently financed properties including their primary residence
- Gift funds are allowed with normal gift documentation/guidelines
Below are Improvements that are allowed:
- Structural repairs or alterations
- Changes for improved functions or modernization
- Elimination of health or safety hazards
- Changes for aesthetic appeal or elimination of obsolescence
- Reconditioning or replacement of plumbing, heating/air conditioning, or electrical
- Installation of well or septic system
- Roofing, gutters, and down-spouts
- Flooring, tiling, carpeting
- Energy conservation improvement
- Major landscape work and site improvements
- Improvements for accessibility to the handicapped
- Additional items such as new home appliances, new swimming pool, exterior hot tub, sauna, spa, whirlpool and interior/exterior painting
- Luxury items such as a satellite dish, barbecue pit, television antenna, gazebo, tennis court, bathhouse, outdoor fireplace
Ineligible Improvements:
- Items that will not become a permanent part of the property
- Additons or alterations to provide for commercial or business use
- Detached units
If you have been wanting to fix up your home or you are purchasing a home that needs some work done and feel you might benefit from an Idaho Conventional Rehabilitation home loan. Contact me and I can answer any questions you have about the program.
Andy Radke
Hyperion Capital Group
Mortgage Consultant
Direct: 208-859-5825
LoanswithAndy@gmail.com
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