real estate question ?

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I am looking to buy a home and after considering many options I have found a really nice older home built in the 60’s originally. Not much has been updated except the carpet and appliances which I want to get rid of anyway. I have estimated I will need $ 130,000 to make it into my dream house. Now I just don’t know if I can take out a loan apart from my mortgage loan to help me pay for the house repairs? How hard is it to get a repair loan nowadays? Are there any government breaks? I’m a first time home buyer and I live in California. Oh and my husband is a Veteran so I hope that has some incentives? Please help me figure this out.

1 Comment
  1. Reply
    May 1, 2011 at 3:57 am

    Loans are based on home value. If you need $ X to purchase and $ XX to remodel and if the appraisal comes back at $ XXX, you’re set. But in realty, the appraisal will come back at $ X. In that case you will have to wait (after purchase) until you have sufficient equity to get a second mortgage or equity line loan.


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