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Old 04-06-2015, 01:34 PM
 
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My family member wants to buy a house. It's $450k. She's putting 20% down and going for a conventional 30. She wants to put on an addition ASAP. Can that be financed somehow right after closing? Thanks.
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Old 04-06-2015, 09:57 PM
 
Location: MID ATLANTIC
7,609 posts, read 17,682,742 times
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City and state of property? Yes it's called a c-perm renovation loan. I have a handful of banks with limited areas - I am certain she could find some in the state she needs it, but why reinvent the wheel?
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Old 04-07-2015, 07:34 AM
 
Location: Chesterfield, VA
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We did a cash-out VA refinance for this purpose. We had saved half of the funds. The appraisal was done based on the value of the home when the project was completed. I spoke with the appraiser when he came to the house and went over the plans in-depth letting him know all that was occurring: HVAC gutted, house dual-zoned and two new units installed (15-seer down with gas backup and 13-seer up), kitchen gutted with all new SS appliances and granite counters (with wet bar and beverage fridge), and 22x22 family addition off the kitchen. Then the appraiser had to come back to the home to check once the project was around 95% complete. We had to find a contractor that was able to wait a couple of weeks after the loan closed to get his final payment.
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Old 04-07-2015, 09:20 AM
 
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Piggyback HELOC may be possible.
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