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 - Phoenix00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe 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.