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can i finance an amount more than purchase price in order to renovate?

can i finance an amount more than purchase price in order to renovate?
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August 31 2013 - Prosperity
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Depending on the future value of the home this may be possible on a Portfolio Conventional loan we offer.  Please contact me via my profile to discuss.
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September 25 2013
203k loan is ideal for purchasing a home that needs renovation. Talk to several lenders who offer this type of program to get more details.
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September 08 2013
203k is the way to go.  You can borrow up to 110% of the improved value of the home.
There are two types of 203k Streamline and full 203k
The streamline limit is 35k and does not allow structural changes to the home.
The full 203k is limited by the county limits in your area.  This is a more involve renovation and the min. amount is 5k.
The cost (interest rate) is usually about a 1/8 about the regular FHA rate.
Most fees associated with the loan can be financed into the loan.
I only orginate loans in GA but my company is nationwide and I can give you a referral if you need one.
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August 31 2013
Profile picture for shapiroamg
Yes you can but it is a very specific program and there are minimum down payments but those are based on the purchase price plus renovation total.

FHA 203K and FannieMae both have renovation loans but FHA is more popular.  Look for someone local to your area familiar with 203k loans.
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August 31 2013
Programs DO exist to facilitate both the purchase and remodeling costs.  The most popular is FHA's 203k.   If you Google "203k", you will certainly find more information that you would care to review.

Although the hard costs are significant for many homebuyer's it is the only way they can accomplish both the purchase and remodel.     Depending on the extent of the remodel, a FHA certified 203k Consultant must be hired to ensure the remodel 'makes sense'.    

I no longer personally originate 203k loans, but if you need a referral, please don't hesitate to contact me through Zillow.
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August 31 2013
Generally speaking, the lender will not loan you more than 80% of the value of your home so the loan to value to the home can not be greater than this amount.  In other words, the bank probably wouldn't agree to do this because it wants to keep a certain amount of money in the equity of the home as collateral.
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August 31 2013
 
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