Asked by craig_r_smith, Portland, OR • Thu Jun 7, 2012
Need some help/advice from the community! Recently had a fire so home is being repaired. While the restoration work is being done, would like to do a full blown remodel. My wife and I weren't planning on the remodel for several years, so we don't have the cash needed today. Can't get home equity line or loan as we have repair work on-going. Current mortgage company has an escrow account with insurance dollars earmarked for the restoration piece. I've looked into 203k loans and they don't fit the bill (primarily because of the $417k loan limit). We have great credit scores. My personal desire would be to maintain our current mortgage, find some sort of "bridge" loan, then refinance once the remodel is completed.
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