Posted on: 07th Mar, 2007 01:44 am
Hi,
Can we take mortgage loan for rennovation of the house, if yes what is the requirements for this.
Kranthi
Can we take mortgage loan for rennovation of the house, if yes what is the requirements for this.
Kranthi
Welcome Kranthi,
You can get a mortgage for renovation of your home. Home equity loans or Heloc are specifically offered for this purpose.
If you can give your state name and credit score, this community can help you find a lender.
You can get a mortgage for renovation of your home. Home equity loans or Heloc are specifically offered for this purpose.
If you can give your state name and credit score, this community can help you find a lender.
You can select the Fannie Mae's HomeStyle Renovation Mortgage if you are going to purchase a home which needs renovation or renovate your current home.
With it you can combine home purchase with the cost of renovations. You can borrow an amount based on the value of the house after renovations are completed. There are options of choosing a fixed rate (30 or 15 year term) or adjustable rate mortgage with annual rate adjustments after 3rd, 5th, 7th or 10th year. The money can be used for any kind of renovations but the renovation should add value to the property.
While purchasing home the mortgage value can be based on the cost of renovation or on home's as-completed value after the renovations are completed. It means you can borrow more than current value of the house.
Miller
With it you can combine home purchase with the cost of renovations. You can borrow an amount based on the value of the house after renovations are completed. There are options of choosing a fixed rate (30 or 15 year term) or adjustable rate mortgage with annual rate adjustments after 3rd, 5th, 7th or 10th year. The money can be used for any kind of renovations but the renovation should add value to the property.
While purchasing home the mortgage value can be based on the cost of renovation or on home's as-completed value after the renovations are completed. It means you can borrow more than current value of the house.
Miller
Hi Miller,
Kranthi is from India. I have actually answered him at http://www.mortgagefit.com/discuss/bank-creditunion.html .
I have informed him that we are currently not providing any service in India. Since he resides in India, therefore he will not be able to deal with a Fannie Mae approved lender.
Anyway, thanks for sharing the information with our community.
Brian Dela Cruz
Kranthi is from India. I have actually answered him at http://www.mortgagefit.com/discuss/bank-creditunion.html .
I have informed him that we are currently not providing any service in India. Since he resides in India, therefore he will not be able to deal with a Fannie Mae approved lender.
Anyway, thanks for sharing the information with our community.
Brian Dela Cruz
Thanks Brian, I did not know that :)