TheLTV is determined by using an appraisal of the current home value and then adding in value for the things that you want to do to the home to improve it. When you do the refinance you will pay off the current loan balance and recieve the differenc that goes into an esrow account that you use for the repairs. You can go all the way up to 110% LTV (if you want). The amount you qualify for will be based on the value after the repairs are made. There are two types of 203K namely full and streamline which I can explain further if you need me to.

Please check out my blog about 203Ks on trulia.

I did this on my own home so I am in a god position to guide you finacially and from my own personal experience. Please let me know if I can help you.

David P. Cruickshank
Loan Consultant

Ardain Mortgage Corp.
1508 W Algonquin Rd.
Palatine, IL. 60067

Cell 847-354-5455
Office 847-963-1000
Fax 847-963-1010
davidc@ardain.com http://www.ardainmortgage.com

An Illinois Residential Mortgage Licensee