At this point, a lot is going to depend on what your GRANDMOTHER wants. If Im reading this correctly, it's still her home, and she's probably still the only one on title, so to answer your question, yes, you can probably get a loan, but NO, you wouldn't be able to get a MORTGAGE loan against that house, because it is not yet your property. You'd need to settle for a signature loan from a hard money lender. Most of these loans top out at around $10,000, have higher rates of interest, and are for shorter periods of time.
And this might be a good thing. I don't know how old your grandmother is, but people are living longer and longer lives, and it might be quite some time before you would inherit her home. Also, God forbid, if she has a prolonged illness, she may end up using the equity in her home to provide for health care, or a hospital could put a lien against the house. So if you want to make repairs to her home, keep in mind that you might be making repairs on a home you may never possess.
If you would like to move into her house and make repairs to it before she passes, I would suggest that you (and/or your mother) purchase the home from her before putting any additional funds into it. This way, she gets the benefit of the equity she has built, you have the security of knowing that you'll be able to enjoy the repairs you'd make, and instead of waiting until she passess she can give you a "gift of equity" to use as a down payment.
At THAT point, THEN you can get a renovation loan secured against the property, to do the types of repairs you're looking to make (subject to credit and income qualification.)
Obviously, we'd need to talk about what your exact plans are, the types of repairs, and whether or not your mother would be on the purchase loan as well, so if you'd like to run through a more detailed scenario, I can be reached at the number below, of you can visit my website to fill out a FREE, no obligation, application.
Senior Mortgage Consultant
Since you do not own the home you cannot obtain a loan using the home as collateral. Your grandmother may qualify to get a loan and then if you are all in agreement, you can use those funds for the rehab. Else, your Mom and you should formally buy the home from Grandma and then proceed to obtain a loan on your own.
Yikes! While I agree withYikes! While I agree with most of my colleagues that are Real Estate Brokers, everyone is getting the cart before the horse. Matt Bukovy the mortgage broker gave you the soundest advice.
Your grandmother is here and present and still owns her home. You will not be able to obtain conventional financing on a home you donâ€™t own. Figure out with your family and grandmother what are her short term need and long terms needs and make sure whatever you do you are supporting the healthy living your grandmother so deserves. People are living longer and for those who read and keep their minds active are living even longer.
Go to wherever you bank and seek a loan. The loan office can/should best advise you if a refinance (if there is still a mortgage due) or a personal loan or a home equity line of credit (if no mortgage) is best for you. You can also inquire about a renovation loan.
If you need a lender referral please call Christine DePaepe, she's especially great with the renovation loans: 773-848-4144, firstname.lastname@example.org. Let her know I referred you.
I suggest calling Bernard Duganzik with Key Financial at 847-608-0190 to see what he can offer you.
Baird & Warner Real Estate
I would be happy to answer any further questions
Senior VP of Mortgage Lending
773 290 0455