we are buying our first house, and have been preapproved for a mortgage. we are not sure how this works, and was wondering can we borrow over the actual cost of the home for repairs, upgrades, appliances, etc?
2007-01-12 00:08:51 · 6 answers · asked by butterfly 2 in Business & Finance ➔ Renting & Real Estate
At the time of closing for the purchase of the home no. There are some companies that will give home equity line of credit up to 125% of the value of the home but you will have a sky high rate if you can find one. Your local bank might also give you a small line (5-10k) without requiring an appraisal but there are usually seasoning and credit restrictions.
2007-01-12 02:24:30 · answer #1 · answered by Nicholas M 3 · 0⤊ 0⤋
Yes and no. You would need to re-structure your loan as an improvement/contruction loan and the maximum loan amount would be subject to an "as will be" value.......the alternative is to get a home equity line of credit which can be up to 90% of the value.....
I recommend you work with a lender or mortgage broker to help you with this.....
2007-01-12 02:02:08 · answer #2 · answered by boston857 5 · 0⤊ 0⤋
I have a program that will finance your home based on the future value after improvements. It's a purchase/construction combo program. It is not for basic cosmetic upgrades but a more significant remodel or addition. If this fits your needs, please feel free to contact me via http://www.slarson.com/contact or steve@slarson.com
2007-01-12 09:13:21 · answer #3 · answered by Anonymous · 0⤊ 0⤋
specific and no. you are able to desire to re-shape your guy or woman loan as an progression/contruction own loan and the optimum own loan quantity could be undertaking to an "as would be" cost.......the alternative is to get a house fairness line of credits that could nicely be as much as ninety% of the cost..... i desire to propose you paintings with a lender or own loan broking service that might assist you with this.....
2016-12-13 03:39:27 · answer #4 · answered by ? 3 · 0⤊ 0⤋
look into a rehab type loan. rate and terms won't be as favorable. or... put 0 down, and use the money you would have used for the down payment to purchase these items.
2007-01-12 03:07:01 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Likely not, your loan can not be more then the value of the property.
2007-01-12 01:09:42 · answer #6 · answered by Anonymous · 0⤊ 0⤋