What is the best way to finance a new home purchase and addition simultaneously?
May 30th, 2008 | by admin |Jim asked:
I live in Colorado and plan to purchase a home. Before I move in, I’d like to add two bedrooms and a bath. What’s the best way to finance this all at the same time?
I live in Colorado and plan to purchase a home. Before I move in, I’d like to add two bedrooms and a bath. What’s the best way to finance this all at the same time?
3 Responses to “What is the best way to finance a new home purchase and addition simultaneously?”
By richgo55555 on May 31, 2008 | Reply
If your credit is good, you could finance 100 – 107% of the purchase price and save your down payment for the renovation. I am a manager a mortgage bank. Email me if you would like to explore these ideas.
Thanks
By Andrew Z on Jun 2, 2008 | Reply
You can obtain one of the new Fannie/Freddie Renovation-Rehab loans. For a primary residence purchae, you can finance up to 95% of the total cost to purchase and rehab. For example, a 100k purchase would allow you to finance 95k and you would be responsible for a 5k down payment. There are a lot of guidelines to this loan but if you have decent credit this will may be the most cost effective way to achieve your desired result. I am also a mortgage planner and I provide financing in CO. Please feel free to contact me if you’d like more information. Good Luck!
By ustelex on Jun 4, 2008 | Reply
There are also private money lenders which will consider after improved value and would consider the purchase and improvement loans.