Home Buying in 49021>Question Details

Suzanne, Home Buyer in

Can one finance more than the purchase price of your new home for the purpose of remodeling?

Asked by Suzanne, Sun Jan 18, 2009

Help the community by answering this question:

Answers

5
Should you change your mind you might want to look into the programs offered through MSHDA as well.
0 votes Thank Flag Link Mon Mar 22, 2010
Sounds like a smart decision. You may find something in your price range requiring no work.
0 votes Thank Flag Link Sun Jan 18, 2009
Thanks to both of you; your replies were very helpful. My husband and I have a VA loan and we've decided to stick with that and not pursue the property, which has sat empty for some time and shows the effects.
0 votes Thank Flag Link Sun Jan 18, 2009
Suzanne,

There are additional programs but all depend upon the property appraising at or above completed remodel. Depending upon your income and other qualifying criteria for the County, you may also qualify through http://michigan.gov/mshda

You could also look into a renovation loan through my office affiliated mortgage company.
http://mumloans.com/renovation_loans/index.html Please do not enter any private information on their form, it is not protected. Their number is (810) 844-2222

I wish you luck finding the right deal.
Web Reference: http://mi-living.com
0 votes Thank Flag Link Sun Jan 18, 2009
Lending Answer:

There are two options: FHA 203(k) Rehabilitation Loan or Fannie Mae HomeStyle Renovation mortgage.

The programs have several options and somewhat detailed qualification rules. It would be best to speak with your bank first to see if the offer either. Additionally, yor Realtor may be able to suggest a loan originator who is experienced with these loans.
0 votes Thank Flag Link Sun Jan 18, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer