Can I take out an attional loan for repairs to my home on top of my orginal mortgage?
kenisha_taylor asked:
Need to know if it is possible to take a smaller loan for repairs on top of the original loan I will take out to buy the house.
Elizabeth
Need to know if it is possible to take a smaller loan for repairs on top of the original loan I will take out to buy the house.
Elizabeth
Tags: Buy House, Mortgage Need, Orginal Mortgage
May 30th, 2009 at 1:06 pm
Florence
Google 203k. So, yes, depending on the borrower and the house.
Luxury items and improvements are not eligible as a cost rehabilitation. However, the homeowner can use the 203(k) program to finance such items as painting, room additions, decks and other items even if the home does not need any other improvements. All health, safety and energy conservation items must be addressed prior to completing general home improvements.
May 31st, 2009 at 6:00 pm
Gary
Yes, if you have enough equity in the home then you can.
June 2nd, 2009 at 4:50 pm
Yvonne
FHA 203k is the name of the loan you seek.
June 4th, 2009 at 1:37 pm
Frank
Yes you may take out additional funds for repair and to pay off high rate credit cards.
You would have to apply and be approved for this type of loan, so you would need contact a local mortgage banker/broker.
To do this you must have equity in your home to do so. This mortgage is called a 2nd, where you get all cash in one lump sum.
The other method is called Home Equity Line Of Credit (HELOC) using this method you are not given a lump sum of all your money that you are approved for, but issued a check book. This check book would have the maximum you can use of this approval. You may write check as you needed the money for repairs or to pay off credit cards. Once you have reached the maximum you will no longer be able to use your check book.
Getting a 2nd mortgage or a HELCO ,might be tax deductible, you might want to check with your tax consultant prior to applying for either.
I hope this has been of some use to you, good luck.
“FIGHT ON”
June 4th, 2009 at 8:50 pm
Christine
If you have equity on the house; you can either refinance with a cash out or get a second mortgage loan (second mortgage lien). Both you can use to repair the home or consolidate some debts and of course they would need to do a home appraisal to evaluate your home value which will cost you from $200.00 to $500.00 and most likely you would have to pay this upfront. But some mortgage companies after pre-qualifying you will have this additional costs added to your HUD statement at closing.
You can get a pre-approval with any Bank or Mortgage company. Most mortgage companies like Countrywide for example have on-line applications.
Hope this answers your questions and good luck.
June 6th, 2009 at 3:23 pm
Lois
it all depends on the repairs. To make the home livable then yes an FHA 203K loan is what you are looking for. If it is for the I wants then no.
You cannot get a second deed of trust or a heloc until your note is seasoned in most cases for at least 1 year of ownership as every lender will go off the purchase price and not the appraised value for 1 year
June 8th, 2009 at 6:16 pm
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