2006-12-09 05:03:08 · 3 answers · asked by soberlunatic 3 in Business & Finance ➔ Renting & Real Estate
I am doing this alone, no partner, husband, etc. Cost of the house is 65,000 but I want to build a garage and put up a fence for a dog.
2006-12-09 05:11:24 · update #1
Are you securing the loan with something else as well?
Example. Total assessed value of property = 1 million
Value of loan = 1.5 million
If person runs off tomorrow then the bank is screwed half a million.
Bad idea neh?
2006-12-09 05:07:35 · answer #1 · answered by Anonymous · 0⤊ 1⤋
There are loan programs that will provide additional funds for repairs or renovations. Talk it over with your loan officer. The work needs to be approved by the lender and they will require that the funds be paid out to the contractor(s) through escrow. If you're looking at an FHA loan, look into their 203k program.
2006-12-09 13:25:21 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
yes you can
2006-12-09 13:30:51 · answer #3 · answered by pattibcacl 6 · 0⤊ 0⤋