Closed two years ago, updated windows, doors, and exterior. Started on interior updates and tried to refinance. My house is valued $50k less and

Asked by $$more/$$nomore, Villa Park, IL Sat Jan 16, 2010

apparently still dropping. The kitchen needs to be updated to be functional for me. What should I do? I'm already underwater but I tried to be prudent with priorities, (insulation, windows, doors, etc.)???

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David Cruick…, , Palatine, IL
Sun Jan 17, 2010
$$more,

Sam is right the FHA renovation loan or 203k may be an option. For more information please check out http://www.203kloanschicago.com.

If I can be of any assistance please let me know.

David P Cruickshank
Ardain Mortgage
847-354-5455
davidc@ardain.com
0 votes
, ,
Sun Jan 17, 2010
Depending on the FHA loan limits in your area, how much money you need for the kitchen repairs and how much you owe on your mortgage, you may be able to qualify for an FHA renovation loan, which goes up to 95% LTV and would be based on the after improved value of your home...Let me know if you would like more information....
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Mike Long, Agent, Naperville, IL
Sun Jan 17, 2010
Hi $$,

What are you plans? Do you plan on staying in the home? Can you make the payments? Being underwater is one thing and you certainly are not alone in that. The problems come in if you can't afford your payments or HAVE to move. If you are not planning on going anywhere and you can make payments then update the kitchen as you are able. If you are underwater, need to move, can't make your payments then your best play would be to consult with a Realtor to come out and look at your home to tell you what steps can be taken. Make sure that Realtor has a strong understanding of the market in Villa Park and short sales if that is the situation you find yourself in. Make sure they can put together a strong team including a real estate attorney that you have a good feeling about. If you must move make sure you feel comfortable with whomever you choose to work with and remember that you are the homeowner and you make the final decisions on what needs to get done. Best of luck.

Mike Long
Long Realty
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