Posted on: 10th Feb, 2009 04:40 pm
What type of loan should I get if I am a first time home buyer and need extra money to remodel?...I am looking to purchase a fixer-upper and am having trouble finding mortgages that will allow extra money for remodeling. The ones I have looked at such as the FHA 203k loan holds the money until the job is complete and then gives you what the job costs minus 10% and I don't have the start-up money, I would need it right away. (Atleast that's the way I thought it sounded.) Please help!
If you really have no down payment money to purchase the house, then you will have to borrow the remodel costs from a relative. The banks are not going to lend you more than the property value.
Correct eric. Or look for a cheaper house and use the other money to remodel. Eric i sent you a PM of a question.
Your PM only said that you sent me a message. I did not get any other message
Oh yes im sorry i resent sorry eric
I know the banks won't let me borrow more than what the house is worth. The seller of the house is giving me a lower rate and the extra money to fix it up, would be less than what the house is appraised at. It needs things such as a roof, and that's why I was looking for a mortgage that would help me with the cost, not me come up with it. If I could come up with the money, I wouldn't ask for extra money on the loan. Any ideas?