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Home Equity Line of Credit or Loan
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Home Equity Line of Credit or Loan
Can you get a Home Equity Line of Credit or Loan based on what you PLAN on doing with your house? (ie. Adding additional bedrooms/bathroom to increase the value.)
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Posted 4/25/12 5:34 PM  |
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Lori11514
LIF Infant
Member since 11/10 229 total posts
Name:
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Re: Home Equity Line of Credit or Loan
I think Wells Fargo just started doing this. We bought a house and borrowed extra to renovate and we were happy with them. There's several more hoops to jump through, such as getting the contractor approved and inspections. I'm not sure if the program is a home equity line or a refi of your mortgage though.
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| Posted 4/25/12 7:26 PM |
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AScottWolf
I <3 our squish!
Member since 11/10 2237 total posts
Name:
Adriana
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Re: Home Equity Line of Credit or Loan
Yes a 405k (or 504k one of those), is the FHA loan your talking about. It allows you to take an extra 30k loan in addition to the mortgage and both payment get rolled into one. Your contractor has to be licensed and fill out paperwork to the mortgage company. He gets the money directly, not you. He gets half up front and the remainder at the end when the mortgage company sends someone to check that the work was done.
From what I hear it's a lot of paperwork but it could be a good option if needed.
Google it because there are some limitations to the work that can be done.
Hth
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| Posted 4/25/12 8:02 PM |
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evrythng4areason
And then there were 4
Member since 1/10 5224 total posts
Name:
Kayla
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Re: Home Equity Line of Credit or Loan
Posted by AScottWolf
Yes a 405k (or 504k one of those), is the FHA loan your talking about. It allows you to take an extra 30k loan in addition to the mortgage and both payment get rolled into one. Your contractor has to be licensed and fill out paperwork to the mortgage company. He gets the money directly, not you. He gets half up front and the remainder at the end when the mortgage company sends someone to check that the work was done.
From what I hear it's a lot of paperwork but it could be a good option if needed.
Google it because there are some limitations to the work that can be done.
Hth
i think it's a 203k loan you're talking about..
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| Posted 4/25/12 9:14 PM |
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AScottWolf
I <3 our squish!
Member since 11/10 2237 total posts
Name:
Adriana
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Re: Home Equity Line of Credit or Loan
Posted by evrythng4areason
Posted by AScottWolf
Yes a 405k (or 504k one of those), is the FHA loan your talking about. It allows you to take an extra 30k loan in addition to the mortgage and both payment get rolled into one. Your contractor has to be licensed and fill out paperwork to the mortgage company. He gets the money directly, not you. He gets half up front and the remainder at the end when the mortgage company sends someone to check that the work was done.
From what I hear it's a lot of paperwork but it could be a good option if needed.
Google it because there are some limitations to the work that can be done.
Hth
i think it's a 203k loan you're talking about..
Ha!  yup..that's what I meant. At least I got the k right lol
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| Posted 4/25/12 10:55 PM |
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Lori11514
LIF Infant
Member since 11/10 229 total posts
Name:
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Re: Home Equity Line of Credit or Loan
You can take more than 30k. We took about 50k.
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| Posted 4/26/12 9:25 AM |
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