Profile picture for Mildred75

How much improvement should be made to a home in the 98371 area code?

We've put in new heating, plumbing, electrical etc. Need to finish walls and floors.  What can I do to get the home improvement loan at the bank? Will the loan to value ratio be so poor at this address that I won't be able to get the money?  Our home is in Edgewood, WA 98371
  • January 05 2012 - Edgewood
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Answers (3)

Profile picture for JuliaSellsHomes
The National Association of Realtors website has posted the percentage of rate of return on upgrades/ home improvements for the Pacific NW area and you can even zone in on the Seattle "area" specifically. This might give you an idea of how much a lender might want to loan for a specific improvement. Have you tried speaking to the bank you currently bank with? They may have a special "portfolio" program specifically for their customers.
 -Julia
  • January 05 2012
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Profile picture for daveskow

1)  most lenders wont lend on it until  walls and  floors are finished ( catch 22)
2)  most lenders in WA are capping the combined loan to values at  75%-80%  for  HELOCS  ( possible 85%  cltv  is out there )

  • January 05 2012
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Profile picture for Gus Pishue
Mildred,
I suggest contacting your bank to find out their guidelines and requirements.  They should be more than happy to help you with this information regarding the home improvement loan.  I would also contact more than one bank, as different banks may have different requirement and guidelines.  Hope this helps.

Gus
  • January 05 2012
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