The house that i am buying needs bathrooms and kitchens to be renovated. Can i borrow money from the bank?
This is my first house. Bathrooms and Kitchens need renovation, it also needs appliances. The bank manager said i could borrow up to 60K to do this but i want to know with the way banks are now day will this be possible. I was approved for 325K, the house is 239K.
The 203k loan, often referred to as a renovated loan, sounds like a good option for you. Banks still offer it and you sound like you would qualify for an amount to renovate the kitchen and bathrooms.
Don't go bananas because you may be tempted to over-renovate your new home, making it too difficult to sell it when you go because you may want to recoup the renovation costs in the asking price. Good luck.
Rey Hollingsworth Falu
Licensed Associate Real Estate Broker
Houlihan Lawrence - Bronxville
4 Valley Rd
Bronxville, NY 10708
Direct 917-855-0277
Fax 914-665-9815
rhollingsworth@houlihanlawrence.com
Hello Rea,
Your Bank Manager was probably referring to a 203K loan in which the bank will loan you money based on what the value of the house will be after the renovation is complete. You should speak with a mortgage broker who is experienced in 203K loans as they will be able to give better detail and provide you with their guildlines.
I can tell you that my buyers that have used them, found them to be very helpful in assisting with renovation cost. Just remember that this will be an addition to your loan, so take only what you need. I have some names of exeperienced mortgage brokers if you need assistance.
Mike
(315) 664 - 2300
mikestanley@weichert.com
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