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Can I get a loan for more than just the mortgage (for home improvements)?
Posted on February 3rd, 2010 5 comments
Jennifer asked:
If I recall correctly, a bank will only issue a loan for as much as a home is worth.There’s a foreclosure in our neighborhood that no one touched while the seller had it on the market… honestly, it’s ugly - aluminum siding, brick veneer, and the layout of the house is odd, but we’ve decided we can make it work.
Anyway, since it didn’t sell, that owner had it seized by the bank. My husband and I want to make a low offer on it, and maybe get financed for an extra $20k in home improvements (even this would still put our loan quite a bit lower than the home’s appraisal value). Do banks do this? We’re qualified for FHA financing, but we can also put 10% down alternatively.
MARCOSRenting & Real Estate 20k, Aluminum Siding, Appraisal Value, Banks, Brick Veneer, Extra, Fha Financing, Foreclosure, Home Improvements, Loan Mortgage, Neighborhood, Odd5 responses to “Can I get a loan for more than just the mortgage (for home improvements)?”
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Micheal February 4th, 2010 at 19:45
Are you frustrated in life? you think all is lost? No hope from any where? Well i have a good news for you all today, is a privillage that you met the right person. I’m a well known Man which every one knew me to be. My name is Micheal Lancer, i am money lender i assist people financially, because i think enough of all these bankrupt and montages I’m hearing. i want to prove my self to everyone at there. That not everybody are equal.
Just send us your personal details:
Full Name:……….
Contact Address:………
Phone Number: ……..
Country Code:………
Amount Needed: ………..
purpose of loan: ……………….
When to pay back:…………………
Hope to see your response via this mail address, , . -
Micheal February 4th, 2010 at 22:47
Are you frustrated in life? you think all is lost? No hope from any where? Well i have a good news for you all today, is a privillage that you met the right person. I’m a well known Man which every one knew me to be. My name is Micheal Lancer, i am money lender i assist people financially, because i think enough of all these bankrupt and montages I’m hearing. i want to prove my self to everyone at there. That not everybody are equal.
Just send us your personal details:
Full Name:……….
Contact Address:………
Phone Number: ……..
Country Code:………
Amount Needed: ………..
purpose of loan: ……………….
When to pay back:…………………
Hope to see your response via this mail address, , . -
Joanie February 7th, 2010 at 08:56
I think I may be the only person to actaully answer your question and not try to scam you! Yes, it is possible to get a loan to fix up the house after you buy it. Keep in mind, however, that it might be the neighborhood and a lot of other things wrong with the house other than bad layout and crappy looks. You would be getting a different type of loan, in addition to the home loan (mortgage). It’s much harder than it looks, but if nice looking homes in the neighborhood are selling, it might be worth it for you to try. Be sure to have a thorough inspection of the property before you buy. Even if the bank says they won’t fix anything, it’s better to know if your’re getting a house with major structural or mechanical problems (which you wouldn’t want to try to flip).
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MinPins February 10th, 2010 at 11:10
Yes they are called purchase and rehab loans. They have very strict guidelines, but they even will defer your mortgage payments until you are actually able to live in the home (6-month max). IYou also need documentation from contractors and stuff like that prior to getting the loan, the work needs to be done by licensed workers and will be inspected by FHA.
You need to find out why nonone touched this foreclosure. Also, the banks don’t go for low offers, they really are kind out of the loop when it comes to that, they want what it cost them, or a close percentage to it anyway. II just purchased last year and was looking at a lot of foreclosures and gathered tons of information from the internet.
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Etreyr February 4th, 2010 at 13:40