Profile picture for jss2374

whats easier to get home equity loan or a construction loan for someone who already has a fha loan?

  • February 05 2010 - Norwalk
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Answers (2)

Profile picture for Liberty Mortgage
If you currently have an FHA loan, I am assuming you have very little equity in your home.  For an equity loan the max currently being lent on is to around 70%- i.e-  If your home is worth say $200K, the max they would lend is say $140K-  Keep in mind if you have an FHA mortgage in the amount of $145K, then no financing would be available.
  • February 05 2010
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jss2374,

It all depends on the amout of equity you have in your home and how much you would like to take out.  Construction loans have been very difficult to receive but not impossible.  There are still some lender out there. 

Sorry to be vague in my answer but its hard without any specific information.  I would be more than happy to discuss some options with you.

Best,

Greg
  • February 05 2010
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