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Greentree : Real Estate Advice

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Wed Nov 16, 2011
After you purchase a home lenders usually want you to own the home for a certain amount of time, called "seasoning", before they will use an appraised value that was higher than your purchase price. Typically that seasoning period is 12 months. However keep in mind that Fannie Mae & Freddie Mac, who back the conforming loan programs that lenders make, do not have any seasoning requirements, so the time you must own your home will be solely determined by the mortgage lender you are applying with ("overlay" guidelines they are called).

However taking cash out of your home's equity is usually capped at 80-85% of your home's appraised value, not to 100% of your home's appraised value, so even when the new value can be used it may not be able to get you the cash out you are thinking.

However if you are looking to get funds to renovate a home you should look into purchase the home with an FHA 203(k) rehab loan or Fannie Mae HomeStyle renovation loan program. Both will finance the cost of improvements into your loan, assuming the "as completed" appraised value supports the funds you need to purchase + renovations.

Extensive info on FHA's 203(k) rehab loan:
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Mon May 31, 2010
Sue Larson Stark answered:
The Greentree neighborhood like every neighborhood has very good family friendly areas to live and areas that have had some challeges. I always recommend to my buyers to check with the local police station to get copies of warnings, arrests, etc. That way you can make an educated decision based on your current family needs. For the Greentree area you would want to contact the West Side Police Station. If there any other questions you may have please feel free to contact me anytime.

Sue Stark,
First Weber Group
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