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home remodeling loan

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September 28 2009 - Orlando
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Both answers correct.  203k loans is what you want.  Underwritten by FHA.  Pretty much you get quotes on what you want done to the home.  When the loan originator processes your loan, he will advise the appraiser to determine "as-is" value and "subject to" value based on the improvements you want.

This is considered a rate/term refinance and you may go to 97.75% of the subject to value.
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September 30 2009
Actually you do not need any equity in your current property. The appraiser is going to value the property in the "subject to" manner, commonly referred to as a prospective value based on repairs or renovations. As long as the real estate market supports these repairs in the end value, current equity is not a factor. I should however mention that the after improved value is always easier to support when the property is not "upside down" in the begining of the process.
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September 30 2009
Talk to a mortgage broker about 203k loans.  You only need 5% equity to get this type of loan.  You can also purchase using this loan.  Contact me if you would like a referral to a mortgage pro who does this type of loan.
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September 29 2009
I'd recommend starting at your bank for information on this subject... but...

 Any loan brokers reading this?  Maybe you can shed some light on this "topic"?
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September 28 2009
 
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