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Mortgage that lets you renovate to market value
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MrsSunflwr29
LIF Adult
Member since 3/06 1093 total posts
Name:
M
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Mortgage that lets you renovate to market value
Does anyone have this mortgage? I forgot the name of it. We are thinking of refinancing to this due to all the major damage to the house..
We bought the house undermarket value so we are hoping that its something that can be done.
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Posted 4/21/11 11:09 AM  |
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bobby769
LIF Infant
Member since 7/10 253 total posts
Name:
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Re: Mortgage that lets you renovate to market value
It sounds like you're talking about 120% mortgage.
I'd be very surprised if banks were still doing this but it's basically a mortgage where you borrow more than your house is worth.
Is that what you're looking to do?
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| Posted 4/21/11 11:18 AM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Re: Mortgage that lets you renovate to market value
I believe FHA has a rehab loan that allows you to do this...I could be wrong though.
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| Posted 4/21/11 12:38 PM |
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MockingJay
Ring out the old...
Member since 9/08 1312 total posts
Name:
Ring in the new!
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Re: Mortgage that lets you renovate to market value
Are you talking about a 203k loan (i think that's what its called). I know they do them for new purchases but im not sure about refi. Sounds like a questions for Beth or Christine 
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| Posted 4/21/11 1:03 PM |
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b2b777
LIF Adult
Member since 9/09 4474 total posts
Name:
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Re: Mortgage that lets you renovate to market value
besides 203k (fha)... wells fargo was the only company that had renovation loans when we went looking. look there first!!!
also, a broker would probably have the best global view.
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| Posted 4/21/11 1:49 PM |
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MrsSunflwr29
LIF Adult
Member since 3/06 1093 total posts
Name:
M
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Re: Mortgage that lets you renovate to market value
Yes it was the FHA rehab loan...I have to set aside some time to reseach it but I figured you guys always have the best info
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| Posted 4/21/11 8:00 PM |
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laurabora
LIF Adult
Member since 4/07 2712 total posts
Name:
Laura
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Re: Mortgage that lets you renovate to market value
We are currently doing a rehab loan through Wells Fargo (not FHA though) and I'm pretty sure it doesn't work as a refinance. Has to be when you are buying the home. But it doesn't hurt to give a call, our experience with Wells Fargo has been very smooth and I recommend them!
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| Posted 4/21/11 11:08 PM |
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