Question Details

Joshua, Home Buyer in Arlington, VA

If I buy for $200K, but can afford/qualify for $300K loan, can I borrow/use the extra $100K for upgrade/repair

Asked by Joshua, Arlington, VA Thu Feb 19, 2009

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Answers

1
Hi Joshua, If the home you buy appraises for the purchase
price, you cannot heap another $100,000 loan on top - there
is nothing left to collateralize. However, if the neighborhood
comps and an appraiser and your lender agree that with
$80,000 worth of repairs the home would be worth $300,000,
you may be able to get additional loan money to do the upgrades/repairs that you seek. I am a Realtor, not your banker. Take this question to your Lender and get a real answer before you make an offer.
Best of Luck, Marita
0 votes Thank Flag Link Thu Feb 19, 2009
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