Refinance or Refinance with Rehab Loans

Are your struggling to make your monthly mortgage payments? Is your home also in need of some rehab work?

Neighborhood Lending Services, Inc. (NLS) is a state-licensed, nonprofit mortgage lender that may be able to help with an affordable, fixed-rate refinance or refinance/rehab loan.

As a homeowner, you’re already aware that it’s important to keep your home in good condition. If you are considering refinancing, you might also consider increasing the value of your home by including the costs of repairs in your loan. You may save money and improve your home with an NLS Refinance/Rehab Loan.

If you live in your home and have a good repayment record with your current lender, then you may be eligible for a Refinance Loan.

Please keep the following in mind:

• NLS offers affordable 30-year fixed-rate first mortgage loans for refinance with rehabilitation. NLS lends on the “After Rehab” appraised value of the home.

• Through the NHS Construction Services team, all NLS borrowers receive technical assistance in planning and completing the rehabilitation or improvements of their home.

• NLS offers forgivable loans to help with home repairs (some income limits and eligibility requirements apply)

• Cash-out refinances are not allowed.

• Qualified homeowners with an ITIN are eligible for refinance loans

Construction Services

The NHS Construction Services team can assist you by assessing your property for needed repairs and prioritizing them; writing the scope of work; reviewing contractor bids for selection by the homeowner; and conducting periodic site inspections on behalf of the lender (NLS) prior to the owner disbursing payment to the contractors.

Licensed, insured contractors must perform all rehabilitation work financed with an NLS loan and an NHS Construction Specialist will be assigned to your project to guide you through the construction process. LEARN MORE…