Home Buying in Waterville>Question Details

Firsttime, Home Buyer in Waterville, ME

does anybody offer a loan that i can get 10,000 more than buying price of home if the property is worth it for improvements and closing costs.?

Asked by Firsttime, Waterville, ME Tue Apr 24, 2012

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your options are to do a 203k loan or a USDA Rural development loan. the 203k is a rehab loan that will let you roll in the money for renovations into the mortgage. These renovations can be done after the closing.

The USDA RD program also offers options to roll in closing costs and rehab - but depending on who you go through, you may have to put up 50% of the renovations into escrow. Check with your mortgage lender for the details.
0 votes Thank Flag Link Tue Apr 24, 2012

Yes, there are loans that can assist for any improvements you may need. We take the future value of the home after the completions would be done, so that you're able to finance in those improvements. If I can assist at all please let me know. I can do a no cost/ no obligation application to let you know exactly how things look. You can contact me by phone or email and all my contact info is on my site: http://www.LendWithScott.com

Scott McCauley
Licensed Mortgage Planner
Regency Mortgage
NMLS #174108
0 votes Thank Flag Link Tue Apr 24, 2012
Hi - PPI (purchase plus improvement) loans do exist and are fairly easy to qualify for. They can be used with low or no money down loans, too. However there is a catch - these loans require a contractor to estimate the improvement costs and to complete the improvements, so if you want to do the work yourself you probably won't be able to. I am happy to refer you to several mortgage lenders in your area that do these types of loans. Just give me a call (207) 592-5374.
0 votes Thank Flag Link Tue Apr 24, 2012
There are a couple "purchase + improvement" loan options: FHA 203K and Rural Development(RD) are the ones we usually see. Sometimes you see RD combined with Maine State Housing (MSHA). Contact a few local lender to see if they offer those products in your area and to get a full explanation of how it works.
0 votes Thank Flag Link Tue Apr 24, 2012
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