Posted on: 30th Jul, 2009 08:48 am
If I qualify for a $100,000 mortgage and the home I find is $80,000 would I be allowed the $20,000 to rehab my property?
pink, if you found a home that was selling for $80K and required $20K to rehabilitate/renovate it, you could actually get the additional funds - if you get an fha 203K loan.
in general terms, however, the $100K you've been approved for is simply a maximum number, and anything you find below that number would automatically be approved by your lender, i presume.
i don't know if all of that is what you were hoping to learn, but i think there are two possibilities tied into that $100K - hopefully, you're able to use what i've provided for information.
in general terms, however, the $100K you've been approved for is simply a maximum number, and anything you find below that number would automatically be approved by your lender, i presume.
i don't know if all of that is what you were hoping to learn, but i think there are two possibilities tied into that $100K - hopefully, you're able to use what i've provided for information.
Thanks g-man you gave me what I needed!
