Financing in Charleston>Question Details

Charlestonma…, Home Buyer in ,

Multiple equity loans

Asked by Charlestonmasu, , Fri Jun 29, 2012

Hello , after a very lengthy process I was just denied an equity loan due to some value issues. I need to do some work to the home,my question is: if I get a small equity loan ( around 10k) to do improvements, does that jury or improve my chances of getting a larger ( around 50-70k) later. And how long should or would I have to wait after the work is complete to apply for the larger loan.

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What is your home currently worth, vis a vis your mortgage? You said you have "value issues". Traditional lenders will lend up to 97% of the homes value on Cash out (FHA) and 90% Conventional. There are lenders out there (who are expensive) but will give you the money to fix your home, depending on your current loan to value.

800-640-8798
0 votes Thank Flag Link Tue Nov 13, 2012
If you get an equity loan later on, part of the proceeds will be needed to pay off your current equity loan. No one does a third mortgage anymore.
You may want to consider refinancing with a 203K which would pay for improvements.
0 votes Thank Flag Link Fri Jun 29, 2012
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