After rebuilding our house - we are short @ $40,000. When can we refinance? Kitchen will be completed but

Asked by 2bfrazzled, Waltham, MA Sat May 9, 2009

bathrooms will not be tiled and hardwood flooring not installed - can we refinance before these are completed or do we need a fully functional bathroom?

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Marty S, , Irvine, CA
Sun May 10, 2009
You may have some options with a 203k loan or with a homestyle loan. Sit down with a loan officer and discuss.

I am a mortgage broker. If I can be of service, let me know!

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Janet Sterman, Agent, Newton, MA
Sun May 10, 2009
There may be some options... Depending on your credit status, income and employment history refinancing is a good idea. Depending on whether the home rebuild is complete and how much you currently owe on your home are home of the deciding factors. Fannie Mae and Freddie Mac (conventional loan) lenders which I am familiar with won't allow you to refinance if the home has unfinished work. If this is the case, an FHA 203(k) loan may in fact be the right solution to go. If you have only one loan on your home at this time (no secondary financing such as a Home Equity Line of Credit or Loan), you may think about going to your local bank to get one.
My contact info is in my Trulia profile, and I am happy to speak with you directly (I am in Newton!).
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Keith Sorem, Agent, Glendale, CA
Sun May 10, 2009
Ask a local lender about an FHA 203K loan. That might be just the ticket.
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John Savigna…, Agent, Hopkinton, MA
Sat May 9, 2009
you need to speak with your lender. I would guess it depends on the loan to value ratio. If after completion the appraised value in todays market will be greater than 80% of the borrowed amount, you can probably refinance. But they are the ones who can best answer trhis question. Good Luck!
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