- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (6)
- Martins Construction, "Boslax73"
- Contributions:16
Do they still carry the 80 - 20 financing ?
- William Dawes, "ewpdawes"
- Contributions:24
The FHA 203(k) Loan will allow you to refinance your current mortgage and include in your new loan amount the cost of those repairs, up to $35,000.
The Appraisal on your home would be based on the 'as improved' value of the home, so this could make up the difference between what you need for Equity and what you have.
You can google the FHA 203(k) loan program to get more information, but this would be one of the better options at your disposal.
Best of luck to you and happy holidays!
- Bell Construction, "Bell Construction"
- Contributions:1
You may want to consider a construction or repair loans with a subject to appraisal. It starts by getting a list together of all of the repairs you would like to complete. Get bids from your local contractors. Once you have bids you can get a "subject to appraisal" This is an appraisal that takes into consideration the value the repairs would add to your home. (subject to repairs/ improvements)
We have done this many times and it has worked very well for us. You do however have to come out of pocket for the first bit of your repairs, but as the job progresses the bank will give you draws on the construction loan. This reimburses you for the money you put out of pocket.
We have done this many times and it has worked very well for us. You do however have to come out of pocket for the first bit of your repairs, but as the job progresses the bank will give you draws on the construction loan. This reimburses you for the money you put out of pocket.
- paul weinzimmer, "FHAPAUL"
- Contributions:128
Did you end up going with a FHA 203k loan? You should be able to get about $30,000. Rates are currently in the mid 4% range I though that would work the best.
Paul
Paul
- Mike Ross, "MikeRossABD"
- Contributions:4
The most popular loan right now is the FHA loan based on future value of you home after the home improvemements. The maximum amount of loan is $429,000.
Call Steve Mass @ 310-849-4764 and he will explain more to you about this loan.
Go to:
https://entp.hud.gov/idapp/html/hicostlook.cfm. .
Call Steve Mass @ 310-849-4764 and he will explain more to you about this loan.
Go to:
https://entp.hud.gov/idapp/html/hicostlook.cfm. .
- Greg & Lisa Doyle, "The Doyle Team"
- Contributions:441
HI There,
You might try contacting a mortgage company and see about getting a current appraisal. Most of the markets have not gone up in the last few years, but your area could be different. It will also depend on what you put down when you purchased the house. Try contacting your lender who did your loan if you don't get a good response, try a different lender.
If we can help you with more information, give a call or email anytime.
Lisa Doyle
[phone and hotlink removed by Zillow moderator]
You might try contacting a mortgage company and see about getting a current appraisal. Most of the markets have not gone up in the last few years, but your area could be different. It will also depend on what you put down when you purchased the house. Try contacting your lender who did your loan if you don't get a good response, try a different lender.
If we can help you with more information, give a call or email anytime.
Lisa Doyle
[phone and hotlink removed by Zillow moderator]
How can I get a loan to renovate my home if I don't have enough equity yet?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.