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Can I use the leftovers?

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pinkfabulousity Joined: 30 Jul 2009 Posts: 1 1.00 Dollars($)	Posted: Thu Jul 30, 2009 8:48 am    Post subject: Can I use the leftovers? Like 0 Dislike 0 If I qualify for a $100,000 mortgage and the home I find is $80,000 would I be allowed the $20,000 to rehab my property?
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Thu Jul 30, 2009 9:34 am    Post subject: Like 0 Dislike 0 pink, if you found a home that was selling for $80K and required $20K to rehabilitate/renovate it, you could actually get the additional funds - if you get an fha 203K loan. in general terms, however, the $100K you've been approved for is simply a maximum number, and anything you find below that number would automatically be approved by your lender, i presume. i don't know if all of that is what you were hoping to learn, but i think there are two possibilities tied into that $100K - hopefully, you're able to use what i've provided for information. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044
pink Guest	Posted: Sat Aug 01, 2009 3:09 am    Post subject: helped a lot Like 0 Dislike 0 Thanks g-man you gave me what I needed!

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