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Money from loan

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Anonymous
Not applicable
‎03-30-2008 02:10 PM
‎03-30-2008 02:10 PM

Money from loan

Hello, quick question. Can you get money from your home loan to fix your new place? meaning if you get approve for a 110k loan and your place cost 80k, will you be able to ask the bank for 10k from the rest of the loan money to fix the house?
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Junejer
Moderator Emeritus
‎03-30-2008 03:08 PM
‎03-30-2008 03:08 PM

Re: Money from loan

Generally speaking, the lender will lend on the LOWER of cost or appraisal. That said, there are some gov't programs that will offer some seconds for repairs and such. Ask your broker about them.






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ShanetheMortgageMan
Super Contributor
‎04-06-2008 12:30 PM
‎04-06-2008 12:30 PM

Re: Money from loan

FHA offers a 203k loan program that is used to purchase the property + finance repairs as well.
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