Home Buying in 32244>Question Details

Tampa Bay, Home Buyer in 32244

i am preparing to buy my first house. can i borrow money within the mortgage to furnish the house?

Asked by Tampa Bay, 32244 Sat Jun 7, 2008

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Please call me in regards to you question. Thank you

Michael Cardoni
0 votes Thank Flag Link Wed Feb 16, 2011
In todays Market my strategy for you is to make an offer that the buyer contributes up to 6% seller contribution towards your closing cost, you do that by making a fair offer to the buyer to induce him or her to sale you their home. With the savings out of pocket you will have money to buy furniture.

FHA programs offer 97% Loans and require no reserves if I were you I look at those as well, If I can be of Further Assistance do not hesitate to call me.


Mortgage Consultant
Asap Mortgage & Investments Inc.
Mortgage Banker/Correspondent Lender
Fax 561-969-9087
Approved FHA Lender
Apply on Line @ http://www.asapmortgage.org or http://www. asapmortgage.com.web-loans.com/
0 votes Thank Flag Link Sun Jun 8, 2008
The mortgage money loaned by the bank will be based on the appraised value of the home. An appraiser gives no value to furnishings-they are looking solely at the value of the house as collateral to loan you the money to purchase the house. Furnishing is on your own. If you buy the house below it's market value, you might be able to do a home equity loan to buy furniture.
Web Reference: http://www.MykeTriebold.com
0 votes Thank Flag Link Sun Jun 8, 2008
The best case sinerio is to identify a home that is being sold "turn key" or furnished. The contract will be generated based on the "real property" not "personal property" and works all the time. We currently have a former model home in Venice, never lived in, completely furnished, being sole in the $300,000 range.

In answering your questions banks do not make loans on property and furniture but look for the situation previously identified.

Good luck
The "Eckler Team"
0 votes Thank Flag Link Sun Jun 8, 2008
Its possible, but probably unlikely. It would have to be the perfect scenario. Let me know what you are interested in, and I will see what I can do, if anything. I am not promising, but it is possible. Get a hold of me.
Mike Ceparano
0 votes Thank Flag Link Sat Jun 7, 2008
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