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chuck 478
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 Posted: Tue Feb 10, 2009 12:29 pm Post subject: Can an addition/remoldeling cost be included in a mortgage |
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I am looking at a small home with a motivated seller who lives out of state. the house will sell for about 2/3rd of value (45000). I am wondering if during purchase if I would be able to include remoldeling and addition cost in the mortgage. the other homes in the area maintain a value around 110000 and with the addition the total cost for the home would be around 105000. This is also with a credit score averaging around 650.
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Mortgage_Man_X
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| Posted: Tue Feb 10, 2009 4:03 pm Post subject: I Can Help With Your Mortgage! |
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| I am on line now! |
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 eric1
Community Experts
Joined: 04 Jan 2009
Posts: 1414
209.98 Dollars($)
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| Posted: Tue Feb 10, 2009 6:35 pm Post subject: |
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Chuck,
I will do what mortgage_man refuses to do and that is to give you some advice...
You will not have the ability to borrow more than the purchase price. What you can do is put less money down on the property. Hold that money back for some upgrades. Live in the house for a year and then look for a cash our refinance to get additional money to finish your project. What you probably will NOT be able to do is borrow $105k now for a home you are buying for $45k that will be worth $110k (just $5k more than your loan).
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vegas_storms
Joined: 12 Sep 2008
Posts: 67
3.54 Dollars($)
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| Posted: Wed Feb 11, 2009 5:03 pm Post subject: |
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You can also look at this FHA loan,if not there are other conventional products that will be able to help you
[/url]http://www.mortgagebreakdown.com/fha-section-203k.aspx
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