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Will lenders allow me to borrow more than the purchace price of the home, for required repairs?

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June 14 2012 - Longmont
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Best Answer
What you may be interested in is called an FHA 203k loan.

Pick an experienced lender on this type of product.  45 to 60 days to close and then the repairs can start.  Repairs get done, contractors get paid, everyone happy.
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June 14 2012
One other option is the Homepath Renovation Loan. Go to homepath.com to see some of the homes available with this program. If it's an investment property, there are additional options for renovation. I know of one lender who does multiple loan types all dealing with renovation loans. Get in touch if you would like his info.
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June 14 2012
Alisa is correct. There are several other home loans which allow for fix-up money. Get with a trusted lender and start learning more about your multiple options. Good luck!
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June 14 2012
FHA 203k is the only option I am aware of and have helped several clients with these lately. I believe you can borrow up to 115% of the "after improved" appraised value.
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June 14 2012
 
Related Questions
Will lenders allow me to borrow more than the purchace price of the home, for required repairs?
Profile picture for David Widlund
Latest answer by David Widlund
June 14 2012 | 4 answers
Want an FHA Loan --- about a 676 credit score - I'm looking at close to 10% down on a 225K home
Profile picture for Joe Cafiero
Latest answer by Joe Cafiero
November 12 2009 | 4 answers
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