Profile picture for larsonjk

Can I do a cash out mortgage on a vacation home in drywall stage.

My cabin was financed by my primary home HELOC (currently owe $96000).  My Cabin is worth $250K +.  I want to get a fixed rate mortgage on my cabin and pay off my HELOC.  The cabin is liveable (plumbing, sinks, bathrooms all operational).  It's finished on the outside, but the inside is only drywalled.  Tape, texture, cabinets and flooring are not done.  What option is available and what is best?
  • February 12 2009 - Prescott
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Answers (10)

Profile picture for nycw
This is a similar question: I bought a second home with a home equity loan on my primary residence.  Now after many improvements I want to get a mortgage on the second home and pay of the HEL.  Can I get a traditional mortgage - even though I own the house already - or do I have to get another HEL based on the value of the second home, with a crappier interest rate?
  • February 17 2009
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Profile picture for larsonjk
I Appreciate everyone's input on this.  Thx John
  • February 12 2009
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Profile picture for oldskoolballr
There is a reason your best offer is a construction loan and that is because the construction needs to be complete before you find traditional financing. There is too much work that needs to be done.
  • February 12 2009
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Profile picture for larsonjk
Not exactly sure on that.  I've been getting taxed as of 2007 as such.  I'm appealing that right now.  The area this cabin is in does not require permits to be pulled, etc...  Not annexed into the city as of today.
  • February 12 2009
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How can you have a Certificate of Occupancy with no cabinets or flooring?

  • February 12 2009
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Profile picture for oldskoolballr
Did you switch to Geico?
  • February 12 2009
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Profile picture for larsonjk
I do have certificate of occupancy and will begin looking at lenders for options.  Best thus far is a 3/5/7 ARM construction loan.  To only refi later.  Not a good option.
  • February 12 2009
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Profile picture for Socialist
No, but look how much money I saved on auto insurance
  • February 12 2009
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An issue is whether or not a Certificate of Occupancy can be issued, and without cabinets, flooring, etc.  It can't.  So, in my opinion, no.
  • February 12 2009
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Profile picture for oldskoolballr

In my opinion, you are going to need to finish the project before lining up any financing.  The appraisal would be "as is" and you will need to find a lender that would approve it as "subject to".  Those aren't the easiest to come by.

  • February 12 2009
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