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Can you use the proposed appraisal of an additon when qualifing for a second mortgage?

  • January 02 2009 - Cary
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Answers (5)

Best Answer

One great option is to do an FHA 203K streamline refinance and get the funds to do the home improvements in the one loan. Basically you get an appraisal of the home done based on the improvements that you intend to make and then you get a loan to pay off the exisiting loan, refinance it and get funds to do the improvements. I would be happy to help you if you are interested.
  • January 07 2009
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socal_engr, AA probably noticed it is a loan officer asking the question, and not interested in learning him/her, as MW would say
  • January 19 2009
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Profile picture for SoCal Engr

Hey Andrew...


Why no "call me if you have any questions" or "I would be happy to help you". What's up with this advice-without-marketing approach? You rebel!


No spam for you tonight!


Cheers

  • January 19 2009
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yes as construction loan...Call me if you have any questions. You can click on my picture for details
  • January 18 2009
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The only way to use the proposed value is with a renovation or Construction loan.  I know of only one local bank that offers a 2nd mortgage construction loan.
  • January 02 2009
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