Remodel & Renovate in Tulsa>Question Details

Lenissa Anyo…, Other/Just Looking in Tulsa, OK

What are some financing options for a home addition if I do not have enough equity to take out a second?

Asked by Lenissa Anyomi, Tulsa, OK Mon Mar 9, 2009

Looking to see if anyone knows of financing options for a home addition that do not include a 2nd mortgage or personal loan. I have lived in my home for 1 year and do not have enough equity for either a 2nd mortgage or personal loan.

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Depending on the value of your home now and what the value will be once the addition is in place, you may qualify for a "construction loan". Typically, construction loans will lend up to 80% of the completed value on a personal residence. The market for these loans has tightened up in the past year or so, but, I would start by asking the bank where you have your bank accounts. If your bank doesn't work out, other lenders in our area that have done many construction loans are: Tulsa National Bank (ask for TC Blair), Grand Bank (ask for Debbie Wolfard) or Arvest Bank (ask for Ray buamgarten). Typically these types of loans are handled in a separate area as they are reviewed on a case by case basis.
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