Posted on: 26th May, 2009 06:20 am
Hello, If I have preapproval for 400k, and I purchase a home worth 400k and put down 80k (20%), can I borrow the remaining of the pre-approved limit towards fixing/upgrading the new home with same loan terms?
thanks,
thanks,
no it would become a 203k loan which runs through fha guidelines so it would not be conventional
if you are trying to borrow the maximum allowed for a purchase @ $400K, then you ought to put less money down.
i think it is possible