value added mortgage in texas?

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I have searched the net for a value added mortgage in Texas because we don’t have enough equity to get a home improvment loan at this time. The estimated cost is about $ 20000 and the estimated added value is $ 60000+

Anyone ever heard of this type of loan or had one yourself? Apparently it’s not advertised very well because I can’t find a lender who does this without using your current equity. (We bought our house one year ago which is why not enough equity)

Project details:
Adding 500 sqft family room, attaching main house to guest house(guest house 500sqft is done and ready to go). Current house is 2bd,2bath and 1056sq ft, after project it will be 4bd, 3 bath and a little over 2000sqft with two living rooms.

1 Comment
  1. Reply
    ttpawpaw
    May 3, 2011 at 6:25 am

    I have been in the business a long time and the only added value is for the lender. Have a lawyer look at this before you sign anything. You onlyhave everything to loose.pp

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