additional loan to fix up her house. She needed a loan for a first time home buyer to make some repairs. Is this true she could not get a loan to do so? If it is true, how long does she have to wait in order to make some home improvement repairs?
2006-11-27 10:27:30 · 2 answers · asked by Sassy Shut Your Mouth 5 in Business & Finance ➔ Renting & Real Estate
i currently work in loans at a bank, and along with her mortgage she can also get a home equity if she has equity in her home, buying for less than the property value, also need to check for covenants to add on to her home, there are lots of options out there, maybe she needs to get a second opinion from another bank not involved if the current one doesn't want to help. good luck!
2006-11-27 10:38:40 · answer #1 · answered by M.A. M 1 · 0⤊ 0⤋
It is possible. The bank makes loans based on a person's ability to pay and based on the value of the property. If she got the maximum she could borrow and if the repairs do not significantly increase the value of the home, she will not qualify for an additional loan.
She can apply for a home equity loan when she has paid off some of the principal and if the value of her home goes up; maybe as few as three and as long as ten years.
2006-11-27 18:34:36 · answer #2 · answered by regerugged 7 · 0⤊ 0⤋