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Question by ABC123: Can you get a mortgage for higher than the cost of the home to cover repairs/remodeling
We like a house that’s in pretty good shape, pilule but it DEFINITELY needs new basement stairs, information pills new carpet, this web and we’d like to update the old appliances. Can we figure that into the mortgage loan? I’m new to this…
Best answer:
Answer by src50
No.
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Most likely, no. You are going to be VERY VERY hard pressed to find a lender who will loan more than what the home is worth. The default rate is too high. You can have these things as consessions in the offer/purchase agreement.
you can only get a mortgage for as much as the selling price. If the selling price is way low, then you can take out a home equity after a couple of months, fix the place up, then refinance.
yes, it’s a FHA 203B loan. there are restriction of course.
Not any more. The days of mortgages for more than the purchase price are now gone, at least for now, and probably for quite some time in the future.