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Old 04-13-2015, 09:11 AM
 
Location: Colleyville
902 posts, read 892,342 times
Reputation: 539

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Does anyone have experience with obtaining one of these loans? We are happy with our purchase and location but really think it would be easier to get the updates we want done at one time rather than pay cash and piece meal one at a time. I guess another option would be save my salary from the part time job I am about to start (approx $2750/mo) until we have the total amount liquid but I am just curious about these loans since interest rates are still so low. I emailed our realtor for updated comps and they support the type of improvements we are hoping to complete, but I guess an appraiser would be the ultimate arbiter of this decision.
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Old 04-14-2015, 07:02 AM
 
Location: Southern California
4,350 posts, read 4,931,746 times
Reputation: 2129
Depending on how much equity you have on your home, you can do a cashout refinance, open a home equity line of credit at a variable rate, or one of the special but typically more costly home improvement programs.
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Old 04-15-2015, 06:47 AM
 
Location: Colleyville
902 posts, read 892,342 times
Reputation: 539
We really don't have that much equity built up so that's why we were looking at the Renovate/Refinance loans
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Old 04-15-2015, 06:21 PM
 
12,404 posts, read 9,199,643 times
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Have you asked your realtor what various lenders use for the post-construction value estimate?
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Old 04-15-2015, 06:37 PM
 
Location: Colleyville
902 posts, read 892,342 times
Reputation: 539
No- very new to all this. This is our 3rd home and this far we have only done conventional 30 year notes.
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Old 04-15-2015, 06:44 PM
 
Location: Sugarmill Woods , FL
6,235 posts, read 5,386,899 times
Reputation: 13586
Maybe an FHA 203K would be in order. 203(k) Rehab Mortgage Insurance
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