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Can I take more than what the selling price of the home is worth in my loan?

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Guest	Posted: Mon Feb 23, 2009 4:44 pm    Post subject: Can I take more than what the selling price of the home is w Like 0 Dislike 0 Can I take more than what the selling price of the home is worth in my loan?...Example...If i purchase a home for $100,000, can i set my loan for say, $105,000 so i could have some extra spending money for the home?
smithsussane Joined: 18 Sep 2008 Posts: 10030 Location: Alaska 919.49 Dollars($)	Posted: Mon Feb 23, 2009 8:15 pm    Post subject: Like 0 Dislike 0 Hi Guest! Welcome to forums! I don't think lenders will give you a loan more than the worth of the property. You can take a separate home improvement loan in order to improve your home. Feel free to ask if you have further queries. Sussane
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Tue Feb 24, 2009 9:13 am    Post subject: Like 0 Dislike 0 the real answer is simple: "no." _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044
msnover92571 Joined: 10 Feb 2009 Posts: 146 Location: California 0.45 Dollars($)	Posted: Tue Feb 24, 2009 3:09 pm    Post subject: Like 0 Dislike 0 No you cant do that, They will just loan what the house costs. No money to improve or upgrade your house.

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