Financing in Midlothian>Question Details

aadesai, Home Buyer in Midlothian, VA

if someone plans to purchase an home would bank consider loaningextra money on finance included in mortgage for buying upgrades/renovation

Asked by aadesai, Midlothian, VA Sun Apr 28, 2013

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Answers

5
Hi -

You might want to consider an FHA 203k loan. That type of loan may allow you to buy a home and make repairs and improvements and include it in the loan. Talk to your lender right away.

Good luck!

Tni LeBlanc.
Broker, Mint Properties
CA DRE License 01871795
tni@mintprop.com
(805) 878-9879
0 votes Thank Flag Link Mon Apr 29, 2013
Simple answer is yes, depending on what renovations and type of loan. The home must then appraise for the amount of loan including renovations and borrower must qualify for the total amount..
Beth Kane CRS, GRI, ABR
Associate Broker
Exit Realty Parade of Homes Midlothian
804-399-4663
0 votes Thank Flag Link Mon Apr 29, 2013
In addition to the 203k loan for larger renovation projects there are some other programs available for a smaller project such as, installing central air, new windows or siding a home that can be done quickly after the closing. Give me a call and I will put you in touch with a local lender that can wrap such a loan.
Glenda Holloway, Associate Broker
Keller Williams Miclothian
804-363-4335
0 votes Thank Flag Link Mon Apr 29, 2013
Yes, you can do a 203K loan. Give me call and I'd be happy to explain the process and put you in touch with a lender I use that can make the process as smooth as possible.

Ryan Sanford
RE/MAX Commonwealth
804-218-3409 cell
0 votes Thank Flag Link Sun Apr 28, 2013
On normal loans the answer is no. Unless you get a type of rehab loan that would allow you to get extra funds to fix up the home. The one most people use is called a 203k loan. It's part of the FHA program. Many lenders don't offer the program and even fewer loan officers truly understand how to do them. Most lenders designate just a few loan officers within the bank that can close those loans for you. Hope this was helpful and please let me know if you have follow up questions.

Thanks,
Brent Mendelson
1st Mariner Mortgage
nmls #111407
0 votes Thank Flag Link Sun Apr 28, 2013
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