Hi Guest,
If you have equity in your home, then you will be able to refinance your mortgage in order to get an additional cash out for finishing the basement. Unless you've equity in your property, the lenders will not be ready to refinance the loan. You need to contact an appraiser and check out whether or not there's equity in your property.
Thanks
If you have equity in your home, then you will be able to refinance your mortgage in order to get an additional cash out for finishing the basement. Unless you've equity in your property, the lenders will not be ready to refinance the loan. You need to contact an appraiser and check out whether or not there's equity in your property.
Thanks
$60K is going to be stretching it? I might know of a portfolio lender that would be willing to give you up to 90% LTV but, 85% is probably the max. What state/county do you reside in? When was your appraisal completed?
We live in IL and appraisal was completed in 7-09.
You would need an updated appraisal. What county? The reason why I ask is High Balance FHA has different loan limits in different areas and it goes by county. I would truly have to look at your full file to determine whether you would be eligible for a cash out of that amount.
You would need an updated appraisal. What county? The reason why I ask is High Balance FHA has different loan limits in different areas and it goes by county. I would truly have to look at your full file to determine whether you would be eligible for a cash out of that amount