Dormer Financing

Asked by Rob, 11010 Thu Dec 13, 2012

So I purchased my house (which is a cape in franklin square). Originally is had 2 bedrooms on the first floor, kitchen, dining and living room, full bathroom,. When I first moved in, i remodeled the entire first floor, with an open floor plan, gorgeous kitchen, dining and room and living room. My plan is to do a dormer and put all bedrooms upstairs with another bathroom and a half. THE PROBLEM....If i try to refi, I currently only have on bedroom and the house wont appraise high enough for me to pull equity out.(100K). WHat are my financing options, since the appraisal will not come in high enough (because of the lack of 3 bedrooms). Please help!

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Gail Gladstone’s answer
Gail Gladsto…, Agent, 11743, NY
Thu Dec 13, 2012
There are several options and I am going to refer you to the experts:

Call JB Bolvadin

JB and his company Return on Real Estate, do smaller loans for this type of updating.

Another option is Quentin Hardy of Wells Fargo Home Mortgage They do a home improvement loan similar to the 203k, but far less restrictive.

Keep me updated on your progress; if you still need further information, I will research more for you.
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Thank you. I will reach out to them this week. I will update this post when I learn more!
Flag Thu Dec 13, 2012
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