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I need to refinance & do some improvements. Should I refi all or refi and take out home equity?

Home value is around $250,000. I'm looking to refinance $155,000 and looking to do about $30,000 in home improvements. Roof, small bathroom & minor kitchen work.

  • November 20 2009 - Clarence
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Answers (4)

If the value comes in at $250K 75% LTV = $187,500.
You would be much better served with a cash-out Conforming GSE Loan than choosing a FHA product.

  • November 20 2009
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Both FHA and Fannie Mae have programs available that will allow you to refinance including financing the repairs.  You do not need a separate home equity loan.  They will base the loan on what will be the value of your house after the repairs are made.
  • November 20 2009
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Refinance $185K or refinanace $155K and then at a later date pursue a home equity loan for $30K.
  • November 20 2009
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What do you mean by "refi all," rschmelz23? 
  • November 20 2009
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