Looking to buy first home mortgage ?
Question by Nicole C: Looking to buy first home mortgage ?
We are buying our first home and are wondering if we can take a mortgage on more than what the house is selling for to do some renovations and buy some appliances and needed furniture. If so please give some details and if it a different loan completely please name it.
Best answer:
Answer by kemperk
NOT unless your appraiser says “if you do this to the house, after
acquiring it, its value will increase ‘y’ dollars.”
i suggest that with houses back down WHERE they belong, you
should find a nice house available below market [15-50%] without
having to do any work on it!
regardless, if you do find one, the lender will put the repair money
into an escrow acct with the stipulations that after the repairs
are made, then the repair $ will be released to the b. contractor
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well i think first in all you should go to the bank
Unfortunately you will have a very hard time finding a lender that will finance your home purchase for more than 100%. There are programs that require little or no money down; however, the closer to 100% you get, the harder it will be to get financing.
There are some avenues available, but a popular one is the FHA 203k loan. It is called the FHA Home Rehabilitation Loan Program is some circles.