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

Profile picture for Joy5555
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!
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July 02 2011 - Chicago
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Answers (6)

Profile picture for 25 Yrs Mtg Lending
You need to get a Hard Money loan. Thier are several Hard Money lenders in Chicago.
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July 18 2011
Profile picture for Military Loan Expert
No you can't...
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July 09 2011
Profile picture for rydbergtom
Best bet is a local bank that has a portfolio product.  What town is the pproperty in?
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July 09 2011
Profile picture for CandaceCamacho
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.
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July 06 2011
Profile picture for Georgia Loans
I agree with Andrew, you need a renovation loan.
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July 02 2011
Profile picture for 203K Specialist
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.
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1Yes

July 02 2011
 

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