06-07-2013 09:44 AM
If i plan to buy a home with an asking price of 114K and let's say it appraises at 125K can I borrow more than the asking price as long as I stay under the appraisal price?
The reason I want to do this ...is that it is only a 3 bedroom and so i will need to have the 4th bd built in the basement. And I won't have any cash flow to do that with. I've asked a friend of mine and he said about $3,000.00 but I was also thinking of buying new appliances.
06-07-2013 11:37 AM
No, unless you're using an FHA 203k loan.
I will be using an FHA loan but i have no clue what the 203k represents. Any info is appreciated.
A 203k is a rehab loan. FHA allows you in limited circumstances to borrow over and above for the purpose of rehabbing.
More information here:
06-07-2013 02:32 PM
You can not take money out at close when buying a home.
You would need to be doing a renovation loan in order to get funds out to improve the property.
There are not many of these loans currently available.
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