Can you repair a mortgage, a home?

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If I get a mortgage for a house of $ 25,000, I’d be willing to 35000-40000 $ fix / repair the house or does the money work only for the purchase of the house?

  1. Reply
    May 3, 2011 at 8:45 am

    The loan is to buy a house, but once you buy it you should be able to spend the rest, but normally fixing a house has a house improvement loan NOT a mortgage loan.

  2. Reply
    Zelda Hunter
    May 3, 2011 at 9:37 am

    You shouldn’t take out a loan for more than the value of the house. If you buy the house with a mortgage, you can probably get a second mortgage to fix up the house, provided you have some other assets that can secure that loan.

  3. Reply
    May 3, 2011 at 10:03 am

    FHA has a loan program called FHA 203K. You might want to google it so that you understand how it works. But simple put, yes you can.

  4. Reply
    May 3, 2011 at 10:08 am

    A year ago you could’ve got more to fix up the house as long as the loan would not be more than the appraised value of the house. Today, they will only give a loan for either the appraised value (a % along with a downpayment) or for the actual sales price of the home (as long as the sale price was at or under the appraised value).

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