There are several options to accomplish what you mention in your most recent post. Generally speaking, a cashout refinance will use the appraised value of the property only after the owner has been on title for 12 months. Not sure exactly when you purchased the property last year but this is an important consideration. Before twelve months the purchase price is the governing value. Your renovations of $27k can be added to the cost basis of the house if you have receipts for the repairs made. So if you of the one year mark, your home will be looked as having a value of $86,000. You would be able to finance 80% of that amount with a conventional loan and 97.75% with an FHA. Most equity lines will limit you to 80% of the $86,000 as well.
With regard to additional repairs, there is an FHA Energy Efficiency Mortgage program that allows you to finance improvements in your home's energy efficiency into the new mortgage. But if you would prefer not to have mortgage insurance, this may not be the way to go. There is also the FHA 203k renovation loan which will use $86,000 as the cost basis and allow you to finance up to $35,000 in new renovations.
I know I have given you a number of options, feel free to email me if you would like more specific guidance.
Timothy Brown | Senior Loan Officer
Academy Residential Mortgage, Inc.| email@example.com
11380 Southbridge Pkwy, Suite 200 | Alpharetta, GA 30022
678.468.5626 x110 | fax 678.935.1156 | cell 678.467.9959