Question concerning a mortgage loan for a home that needs repairs?
Monday, May 18th, 2009
lizw3006 asked:
We are considering buying a home that is need of about $10,000 in small repairs and updates. We were approved for a loan higher than the price of the home. Is there anyway to take out the loan for $10,000 more than the price of the house to put toward the repairs and updates? For example: The home that we are buying is $150,000 and we were approved for $180,000. We would like to take out $160,000 and put the extra $10,000 toward the repairs and updates. Thanks so much!!
Mildred
We are considering buying a home that is need of about $10,000 in small repairs and updates. We were approved for a loan higher than the price of the home. Is there anyway to take out the loan for $10,000 more than the price of the house to put toward the repairs and updates? For example: The home that we are buying is $150,000 and we were approved for $180,000. We would like to take out $160,000 and put the extra $10,000 toward the repairs and updates. Thanks so much!!
Mildred