Is it possible to get extra cash in your mortgage?

Asked by Michelle, Florida Thu Apr 24, 2008

If a house is worth say 150k and you are buying it for 90k is it possible to get a mortgage for 110k to pay off my vehicle and make repairs?

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Cindy Vedder, Agent, Irvine, CA
Fri May 2, 2008
No. Most loans today, especially due to this type of activity in the past, do not allow for a credit to the buyer.
As a matter of fact, many lenders, agents and principals are being investigated by the Feds. What happened is people were conducting business this way, taking the cash, walking away from the property without making payments and retained the $60,000 they collected in cash back. It is not an acceptable practice. Good Luck. Cindy Vedder
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