Home Improvement/Rehab/Rennovation Loans
This program is Global Home Finance Inc.’s primary program for the improvement, rehabilitation, and repair of single
family properties. As such, it is an important tool for community and neighborhood revitalization and for expanding
homeownership opportunities. This program can be used to repair a home that has anywhere from $5,000 to $35,000
in needed repairs and can be used in conjunction with a purchase or refinance. The appraisal is based off of the
subject too condition of the property as anticipated upon completion. Therefore no equity is needed at time of
Global Home Finance Inc has used this program in partnership with state and local housing agencies and nonprofit
organizations to rehabilitate properties. As a lender this demonstrates our commitment to lending in lower income
communities and to help meet their responsibilities under the Community Reinvestment Act (CRA). We are committed
to increasing homeownership opportunities for families in the communities we do business in.
Most mortgage financing plans provide only permanent financing. That is, the lender will not usually close the
loan and release the mortgage proceeds unless the condition and value of the property provide adequate loan security.
When rehabilitation is involved, this means that a lender typically requires the improvements to be finished before a
long-term mortgage is made.
When a homebuyer wants to purchase a house in need of repair or modernization, the homebuyer usually has to obtain
financing first to purchase the dwelling; additional financing to do the rehabilitation construction; and a permanent
mortgage when the work is completed to pay off the interim loans with a permanent mortgage. Often the interim
financing (the acquisition and construction loans) involves relatively high interest rates and short amortization
periods. The Global Home Finance Inc. Rehab and Renovation program was designed to address this situation.
The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the
acquisition and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount
is based on the projected value of the property with the work completed, taking into account the cost of the work.
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