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Old 07-10-2008, 11:36 AM
 
53 posts, read 375,738 times
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Let's say a house is $300,000 and I put $10,000 down. Is there a way to get financed for the rest plus an extra $25,000 for home repairs etc...?
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Old 07-10-2008, 11:50 AM
 
Location: Happiness is found inside your smile :)
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I would say things are strict now - so no

But on the other end of that - would you really want to over extend yourself?
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Old 07-10-2008, 12:11 PM
 
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There are certain FHA loans that will do that but they are for reno only and they put certain restrictions on the money. They are also O/O only and you have all the DTI issues with FHA.

Regular conforming? I don't think anyone is doing those anymore.
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Old 07-10-2008, 02:36 PM
 
53 posts, read 375,738 times
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I didnt understand a word you said......what is o/o, dti, regular conforming..........????
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Old 07-10-2008, 03:49 PM
 
44 posts, read 138,788 times
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O/O is owner occupied.
DTI is debt to income
Regular Conforming refers to traditional loan standards (33% Piti, O/O, full doc, verified assets, under FHA regional loan limits etc.)
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Old 07-10-2008, 04:17 PM
 
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Even now, there are banks willing to lend you more money than you can afford to pay back...the answer to your question, though, largely depends on your income and credit history, so it's kind of hard to tell.
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