Posted on: 19th Jul, 2010 09:31 pm
I am a first time homebuyer and I have qualified for a loan. Right now I am using an FHA loan, but I want to know if I can take more than the house is worth and put the money back into the house. The house is a short sale
i guess you are speaking about refinancing your present home loan. if you want to refinance your mortgage, then you need to have 20% equity in your property. if you have the required equity, then you can go for a cash out refinance and use the monies to pay for home repairs.