My husband has a mortgage for a house. The house is in the process of rebuilding. We need another loan to finisch it, but we do not have the money for down payment for another loan. Is it posibe to get a loan?
2007-09-27 06:24:46 · 5 answers · asked by gita 1 in Business & Finance ➔ Credit
I was looking into 203(k) loans to get some work done on my condo and found that it can be used for things like that. I still don't understand the ins and outs, but you can contact someone in your area who could. It's a program HUD offers to try and improve overall national housing:
http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm
2007-09-27 06:33:20 · answer #1 · answered by Rossonero NorCal SFECU 7 · 0⤊ 0⤋
Home loans are now available to many people for whom they would have been out of the question just a few years ago. You’d be in much better shape to bargain for better interest rates if you had a more impressive credit history, but if the house you want is the deal youinterest rates, get bigger returns on the money loaned, and the borrowers get a homes in which to build equity, and chances to restore their credit records so that the first bad credit home loans they take will also be the last!
2007-09-27 06:32:45 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Not enough information to answer, but I think your best bet would be to talk with or visit with your friendly loan officer. You may have enough equity built up in your home, to take a second, or a refinance.
My suggestion is to talk with someone you trust in the banking/mortgage field, examine the entire picture, both short and long range "cause and affects" and listen carefully to the advise they give you.
2007-09-27 06:34:06 · answer #3 · answered by delrambo 1 · 0⤊ 0⤋
If the land has equity, it is possible to get a 2nd loan up to 105% of the property value!
2007-09-27 06:35:37 · answer #4 · answered by Rose F 1 · 0⤊ 0⤋
Get a second on the house, and check your spellling. Go to a credit union.
2007-09-27 06:51:52 · answer #5 · answered by Steveo 5 · 0⤊ 0⤋