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Carmencita
For example: Can I take out a loan for $100,000 but buy a house for $90,000 and use the rest for renovations? If not, what options do I have to immediately make renovations to my home?
Answer
they have what is called a 203 k. it is a fha loan for fixer upper homes. you have to put 3% down.
they have what is called a 203 k. it is a fha loan for fixer upper homes. you have to put 3% down.
When I get a home loan, can I take out more than the price of the home for renovations?
soberlunat
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.
Answer
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?
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?
I just bought my home in May 2008 and I need a loan for home renovations? But I am in unemployed at the moment?
sanchez.ro
Where could I go to get a Loan for like $5000??
Answer
I do not know where you live however when I lived in Jacksonville, Florida the city had grants that low income home owners could get for home repair..check with your city or state.
I do not know where you live however when I lived in Jacksonville, Florida the city had grants that low income home owners could get for home repair..check with your city or state.
If I take a loan for $200,000 and the home costs $185,000 can I use the extra 15K for renovations?
cowgirlboo
Will my lender lend me the 200K if the home only costs 185K? I would like to use the extra 15K to make renovations. Any feedback? I am in TX.
Answer
I am amazed at some of the responses:
1. "Its' pretty rare to get more than 90% of the property's value." This is plain wrong! It is rare to get financing greater than 100% of loan-to-value, but it's very common to get financing for 95%, 97%, and 100%.
2. "It has to appraise out at $200,000 [to get a loan for $200,000]." This quote needs clarification. If the agreed upon sales price is $185,000, conforming/conventional (FNMA) lenders will loan a max of $185,000. Conforming lenders will loan on the LESSER of the appraised value or agreed upon sales price. There may be some non-conforming lenders that will lender on the greater of the two, but you will pay through the nose for a high rate.
*** Guys, if you haven't worked in the mortgage business, please be very careful as to the information you pass along.
I am amazed at some of the responses:
1. "Its' pretty rare to get more than 90% of the property's value." This is plain wrong! It is rare to get financing greater than 100% of loan-to-value, but it's very common to get financing for 95%, 97%, and 100%.
2. "It has to appraise out at $200,000 [to get a loan for $200,000]." This quote needs clarification. If the agreed upon sales price is $185,000, conforming/conventional (FNMA) lenders will loan a max of $185,000. Conforming lenders will loan on the LESSER of the appraised value or agreed upon sales price. There may be some non-conforming lenders that will lender on the greater of the two, but you will pay through the nose for a high rate.
*** Guys, if you haven't worked in the mortgage business, please be very careful as to the information you pass along.
Does Home Improvement/renovation Loan qualify the same benefits for Income tax Ddn as that of a Home Loan?
bindu d
Answer
In most cases, if you use the full amount of the loan to improve the house, your total debt is below a certain (fairly large) amount, and you are currently living in the house, similar rules apply for using the mortgage interest as a tax deduction.
In most cases, if you use the full amount of the loan to improve the house, your total debt is below a certain (fairly large) amount, and you are currently living in the house, similar rules apply for using the mortgage interest as a tax deduction.
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