Posted on: 04th Mar, 2010 06:03 am
If the home you are buying is aparised for more then the sell price you can barrow over the sell price to do some updating to the house?
Im lloking at a house that im getting about 20000 less then It will app. at and Im wanting to remodle it.
thanks
Im lloking at a house that im getting about 20000 less then It will app. at and Im wanting to remodle it.
thanks
Hi clay,
If the property appraises for a high value, you can borrow more than the purchase price provided you use the extra cash solely for the purpose of home improvement and remodeling. As far as I know, USDA offers a Section 502 Single Family Housing Direct Loan program which not only funds the purchase of the home but also helps you do certain improvements. Contact an USDA approved lender and check out if you qualify for this type of loan.
If the property appraises for a high value, you can borrow more than the purchase price provided you use the extra cash solely for the purpose of home improvement and remodeling. As far as I know, USDA offers a Section 502 Single Family Housing Direct Loan program which not only funds the purchase of the home but also helps you do certain improvements. Contact an USDA approved lender and check out if you qualify for this type of loan.