Hi, Janet.

Loan amount has nothing to do with the SEV. If you are looking to get extra funds to improve/update a property, I feel the best way is through the FHA 203(k) loan, and we do many of them. I recently had a client purchase a $165,000 property, invest an extra $60,000 into it, and the house now appraises for over $240,000.

If myself and my team can be of any assistance, please don't hesitate to contact me. Also, visit our website using the link below and review our Blog to learn more about exactly that which you are asking about.

There are two loans that you may want to consider. One is the Fannie Mae HomeStyle loan, the other is the FHA 203(k) Rehabilitation loan. With both of these loans, you can borrow more than the purchase price of the home to include the cost of repairs and renovations. You will have to shoparound to find out who in your area is offering either the Fannie Mae HomeStyle or the FHA 203(k) Rehabilitation loan.

Hello Janet, this is Amador Melgoza from Keller Williams Realty. First off, congrats on being approved for a $150,000 mortgage. Are You a first time home buyer? If so, jump online to my website and receive a free home buyers guide book free. Most likely the bank will not allow You to borrow more than the purchase price as spare cash out. You might have to get a seperate personal loan if needed. The best person to advise You should be the Mortgage Banker who approved You for $150,000 loan, he is the bank rep. I hope I helped answer Your question? http://www.home123store.com

Thank You,
Amador Melgoza
Keller Williams Realty
35427 Dodge Park
Sterling Heights, MI 48312
Email: amador@kw.com
Direct: 586-979-3129
Cell: 586-801-2672
website: http://www.home123store.com