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we are buying a home in SoCal and putting down 20%, there are a lot of home improvements we want to do. does anyone know if banks or credit unions are still doing these ( or starting to again)? any specific names?
I've found one credit union that will do a loan to 90% but its variable, I'd really like to lock in the rate if possible. we bank with Bank of America and they do them to 80, as is the case with most large banks. our total debt to income ratio after purchasing home will be 25% and our fico's are around 800. after the home equity that I want to take it would push our d/e ratio to 33% and that is total debt (student loans, credit cards, etc).
Did you actually run the number against buying with 10% down/PMI and having the extra cash on hand? Most people automatically assume a 20% down loan and they go right back to borrow home equity to 90LTV.
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