2007-02-22 14:35:24 · 3 answers · asked by sjbmcl813 1 in Business & Finance ➔ Renting & Real Estate
I do not see why not, but it might have to be from a hard money (meaning private & they charge extra fees) lender.
The real answer is that you will have to shop around a lot.
2007-02-22 15:07:01 · answer #1 · answered by hebb 6 · 0⤊ 0⤋
Yes you can get a mortgage that includes money allowed for repairs and upgrades.
The lender will want you to get quotes for the repairs and will appraise the value of the house as though the repairs were in place.
The extra money is kept in an account with the bank or a bank and can only be paid out when invoices for the work done are received. The lender wants control over this money so that it goes for the use it was intended and to increase the value of the house they have lended the money for.
2007-02-22 19:11:32 · answer #2 · answered by glen s 3 · 0⤊ 0⤋
Check with the banks that issue mortgages and the company you have chosen to insure your home...
They will provide you with the best answer.
2007-02-22 14:43:58 · answer #3 · answered by marnefirstinfantry 5 · 0⤊ 0⤋