Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Were looking into buying a house in the next few months, were still very early on in the planning as we just got our down payment and stuff ready.
My question is that if we found a house that was a bit of a fixer upper for 150k but wanted to put 20k into fixing it up, would it be possible to get a loan for 170k even if the appraisal comes in at 150k?
Were located in tampa, florida if it makes a difference.
Were looking into buying a house in the next few months, were still very early on in the planning as we just got our down payment and stuff ready.
My question is that if we found a house that was a bit of a fixer upper for 150k but wanted to put 20k into fixing it up, would it be possible to get a loan for 170k even if the appraisal comes in at 150k?
Were located in tampa, florida if it makes a difference.
Pop over to the Mortgage Forum, and ask the folks there about an FHA 203k loan.
Ask yourself this, if I asked you to borrow $1000 and I put up my $750 car as collateral, would you accept it? Probably won't work unless you're going the 203k route.
Ill repost in the mtg forum, wasnt aware of it... Ill also check out the 203k, Its not something im sure I Want to do but were in a spot where I want to be flexible with what we can buy
you can always refinance after you fix up the house.
Ahhh yes, the famous, "real estate prices can only go up"
What happens when it appraises for $150k, you buy it for $150k and put $20k into fixing it, then it appraises for $110k. Ooops, no refinance. Yes.... this does happen every day, and is happening more often as the prices are declining.
Tampa is especially having trouble with underwater real estate. Be very careful.
Ahhh yes, the famous, "real estate prices can only go up"
What happens when it appraises for $150k, you buy it for $150k and put $20k into fixing it, then it appraises for $110k. Ooops, no refinance. Yes.... this does happen every day, and is happening more often as the prices are declining.
Tampa is especially having trouble with underwater real estate. Be very careful.
Exactly - the american sheeple just dont get it - the banks are not in existence to make your life BETTER, they exist to ENSLAVE YOU.
Stop borrowing - save up for your house like I did. You cant 'beat' the banks and their OWN GAME!
99% of mortgage debtors are UNDERWATER becasue they thought they would get away with borrowing to get rich...
Exactly - the american sheeple just dont get it - the banks are not in existence to make your life BETTER, they exist to ENSLAVE YOU.
Stop borrowing - save up for your house like I did. You cant 'beat' the banks and their OWN GAME!
99% of mortgage debtors are UNDERWATER becasue they thought they would get away with borrowing to get rich...
Your aruguements/points are way over the top. The world would be a better place if you kept them to yourself. Did you take it in the shorts on a home or what? I think you need a chill pill.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
