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financing home addition after house has been on market

We tried selling our home this year, with no luck.  Now we are planning an addition instead to accommodate our growing family.  However, we didn't realize that since house was on the market no one will even look at an application for 3-6 months!  We really need this project done by the time the snow falls... our family is way too big for our little house!  Any suggestions for alternative pathways to financing this?
  • July 22 2011 - US
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Answers (9)

Sorry for the confusion.  The Rate/term point was meant as an aside.     We can do what you're looking for in theory (cash out to build an addition).  Give me a ring when you get a chance.

  • July 25 2011
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ZZ227,

FannieMae just introduced a cash-out program that will go up to 70% Loan-to-Value on properties listed on the MLS in the past six months. If you have enough equity this may work for you.

Happy funding, Rudi
  • July 23 2011
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Shop your loan too, dont just go with one persons quote.
  • July 22 2011
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@ TC Whiting:  from what I've read about rate and term, you are not changing the loan amount, just the rate and the term.  If we want to get cash for an addition, basing the new loan amount on the value of the upgraded home, I don't see how this would work.
  • July 22 2011
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Thank you, I will do that!
  • July 22 2011
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I'm pretty sure we can do this.   Give me a call on Monday. 
  • July 22 2011
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Rate and term refi one day out with a letter of explanation.  No help there.  I'll get back to you on this Monday.   Might have a solution. 

  • July 22 2011
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We contacted our agent this week who needs to finalize the paperwork with us Monday.  So it was still technically on the market as of this week... if we had known this would jeopardize our construction plans we wouldn't have left it on so long.
  • July 22 2011
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When did you take it off the MLS?
  • July 22 2011
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