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Can I get a first position Home Equity loan on a house that has been partially renovated?

By partially renovated I mean that it is not livable - it is missing significant drywall and floors have been stripped down to the plywood..

The loan would be for 80% of the purchase price which is significantly lower than the market.  I have great credit.

Again, the question is whether you can get a home equity loan on a house that is NOT livable?  I own the house outright and there is more than enough equity in it.

Thank you so much!
  • July 02 2011 - Chicago
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Answers (7)

Typically the answer is no. You need a renvation loan.
  • November 11 2013
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You need to get a Hard Money loan. Thier are several Hard Money lenders in Chicago.
  • July 18 2011
  • 0Yes

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No you can't...
  • July 09 2011
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Best bet is a local bank that has a portfolio product.  What town is the pproperty in?
  • July 09 2011
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The home cannot be in a renovation stage if your trying to get a home equity loan.  A renovation loan is you best way for you to get an lending.
  • July 06 2011
  • 0Yes

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I agree with Andrew, you need a renovation loan.
  • July 02 2011
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If the lender knows it's not livable, not a chance.  You should be able to find a lender that will offer a renovation loan (conventional) to finish the project.
  • July 02 2011
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