Financing in Hoboken>Question Details

Lauren, Home Buyer in Hoboken, NJ

i want to borrow 10,000 to do some work in my condo new bath and some upgrades to the kitchen. I have not

Asked by Lauren, Hoboken, NJ Tue Apr 8, 2008

closed yet doing the attorney reviews what is my best option. waiting til i move and get a refinance loan or a rehab loan?

Help the community by answering this question:

Answers

7
consider fha203k program. money for repairs can be included in the amount you borrow to buy the condo.
0 votes Thank Flag Link Thu Dec 8, 2011
Hi Lauren
I mistyped Gerry's info
Gerry.OBrian@mortgagefamily.com

Hope this helps.
Web Reference: http://www.anneshearman.com
0 votes Thank Flag Link Fri Aug 15, 2008
Hi Lauren,
I would suggest that discuss with your lender a home equity laon at the time of closing.
If you need a suggestion for a loan officer that is knowledgeable and helpful, contact Gerry O'Brian at CB Loans (part of the Coldwell Banker Residential Brokerage family). You can reach him at gerryobrian@mortgagefamily.com or call me @ 973-723-3666 and I will put you in touch
Web Reference: http://www.anneshearman.com
0 votes Thank Flag Link Fri Aug 15, 2008
Hi
Sounds like a HELOC is the best option for you.
If you're interested in opening one please contact me at michael.campanaro@wellsfargo.com
Thanks!
0 votes Thank Flag Link Sun Jun 1, 2008
I would just get a second mortgage or home equity line. It would also depend on how much equity you have in the property.
Web Reference: http://getprequalified.com
0 votes Thank Flag Link Sun Jun 1, 2008
There are many variables on this. Email me directly at NJMortgages@gmail.com or call 908-868-2021 and I can help you.
0 votes Thank Flag Link Sun Jun 1, 2008
Dear Lauren I need a little more information to truly answer your question, but I have knowledge for you. If you are just buying the condo you must first own it for a year to get anything other than the purchase price as your appraised value. During the 1st year of ownership the value of a property is the lesser of the appraised value or purchase price unless you can document all the upgrades you have mad, so a refinance to get money is costly and may not be feasible.
My question is how much is the condo & how much or a percentage are you putting as a down payment? Post it here and I'll get back to you
0 votes Thank Flag Link Tue Apr 8, 2008
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