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What are my loan possibilities for a major remodeling project to my current home?

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January 17 2009 - Nicholasville
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Take what you think your house is worth.  Reduce that by 20% depending on where you live.  You can borrow up to an 85% ltv in most instances.  So if you have a median value home say 200k; now its 160k you put down 20k. .85 x 160 = 136  160-136 = 24000 24000-20000 down = 4000.  You can borrow 4k.  That could translate to a paint job on the inside or outside.  Probably not both.  I haven't looked into whether the bank will credit the improvements you would be making to the property in the ltv but my guess is that that is probably not in the cards at this point.  I do know the 85 ltv is pretty well set in stone right now.
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January 17 2009
 
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What are my loan possibilities for a major remodeling project to my current home?
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