Can I get a home loan for more than what the house is listed for?
The key to financial power lies in your credit rating. If you plan to get a home loan, save money and get better credit starting now!
i wanted to buy a house that definetly needs work....it is selling for $54,000 but i wanted to get a loan for about $70,000 to get the house fixed up. Will the home loan people approve a loan for higher than what the house is listed for ?
Can I get a home loan for more than what the house is listed for?No, the lender goes by the purchase price in determining the loan amount.
Can I get a home loan for more than what the house is listed for?If the appraisal comes in higher, then the lender may work with you to rehab the house. But otherwise probably not. You will have to do an investment loan anyway.
Can I get a home loan for more than what the house is listed for?Check with a mortgage broker. In some areas, there are FHA or other government sponsored lending programs where you can get loans for buying and fixing up run-down properties. These are generally in some very specific areas and have some extremely limited guidelines, not to mention take a lot of red tape.
The biggest problem you have to ask yourself, you will likely have to prove that after fix up the house will be worth at least (and in today's market, probably a lot more than) $70,000 when everything is done. You will need to be able to show convincing proof that is the case.
In most cases, it is better to do two loans - one to purchase the property and a second unsecured loan for the repairs. of course, that takes much better credit to do that.
More Related Questions and Answers ...
The loan information post by website user , we not guarantee correctness.