Prefer to talk in person? Find a mortgage specialist on Zillow
Profile picture for at120

Renovation Loan -- Not likely?

I apologize for cross posting this from another forum, but I think this is the correct discussion area.

I'm looking to do a major remodel on my home in Phoenix, in the vicinity of $500,000.  I'm underwater about $150,000 on my $1 million 100% mortgage from 2007, but my yearly income is in the vicinity of $400,000 gross.  Monthly mortgage payments are in the vicinity of $6500.  Credit score 720.  Given the current credit climate, am I out of luck in terms of securing a renovation or construction loan?  Thanks in advance.
  • February 07 2010 - Phoenix
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (11)

Sounds like you need a knowledgeable lender!!! I can put you in touch with a great lender that will be able to answer all of your questions and get you looked after if it is at all possible.  They are in Phoenix as well, please just email me and I will get you their information ASAP!

Jay Lotoski
[Content removed by moderator due to self-promotion]
  • February 07 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Contact a lender on this site, we as professionals are not allowed to spam these Q&A's with our phne #'s and websites.

3rd flag
  • February 07 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

BTW do not do business with "professionals" who violate the terms of zillow's policy. Do NOT take referals from people who violate zillow's rules.

If they do that out in the open...imagine what they'd do when you were not looking....
  • February 07 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for at120
Thanks for the warning.  I'm just curious if this would be at all possible, based upon others' experiences.   I don't want to spend time trying to contact loan officers and then discovering that this is essentially futile.

  • February 07 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I don't see how you could make the appraisal work. The loan would be way over allowed limits, also.

20 years lending experience, with construction and renovation loan emphasis.

Regroup.
  • February 07 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I am with Hamp on this one...I don't see how this could be done.
  • February 07 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for at120
Hamp and Andrew --

Thanks.

  • February 07 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

See, I told you so.....
  • February 07 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for at120
"See, I told you so....."

???

  • February 07 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for daveskow
this is essentially futile.
  • February 07 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Texas Banker
In terms of getting a mortgage, not much you can do.

But, ...thinking out of the box; if you are willing to commit personal assets (stocks, bonds, ect..), you can get a secured personal loan.
  • February 08 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.