We are wanting to purchase a home but, we also want to add a shop/garage to the home soon after. Will mortgage lenders loan more than the purchase price for the purpose of home improvements, adding on, etc…..?
Answer:
80% is the max they would ever lend.sounds as though the house your loking at would equire more work than it could possibly be worth to you. look elsewhere and stay within your means.
7 comments
Huntsman says:
October 12, 2011 at 2:51 pm (UTC 0)
Those days are long, long gone – thank goodness
No bank will do this for you – now there are regulations in place
No loans for over the appraised value
And.. you need a down payment
Equality says:
October 12, 2011 at 3:39 pm (UTC 0)
No they don’t lend more then 80% of the purchase price
ANY WAY IS FINE says:
October 12, 2011 at 4:01 pm (UTC 0)
NO. That is no longer done.
Tricia says:
October 12, 2011 at 4:04 pm (UTC 0)
80% is the max they would ever lend.sounds as though the house your loking at would equire more work than it could possibly be worth to you. look elsewhere and stay within your means.
M W says:
October 12, 2011 at 5:36 pm (UTC 0)
Lenders aren’t doing that anymore.
Kevin says:
October 12, 2011 at 6:41 pm (UTC 0)
Nope, not in this market.
Realty Geek says:
October 14, 2011 at 3:21 pm (UTC 0)
You could look into federal government grants for home improvement, which could be an option depending on your financial situation and the home you are looking at: http://www.realty101.com/federal-government-grants-for-home-improvements
Good luck and hope this helps