Home > Property Selling > OK. Let’s say I have a 100K approval for a loan but the house I found is 40K. How much should I borrow?

OK. Let’s say I have a 100K approval for a loan but the house I found is 40K. How much should I borrow?

December 28th, 2009 Leave a comment Go to comments
  1. Bugz
    December 31st, 2009 at 10:51 | #1

    If the house needs repairs and u want to get it done soon, i would advise taking what you need to buy and repair the home. If you dont want to repair it now and want to do it over time, then it would be best to take the amount of the home.

    High Jump Training

  2. NoWay
    January 3rd, 2010 at 18:48 | #2

    Unless you are using a very specific FHA loan you can not borrow more. Concessions (closing costs, escrow….etc) are a separate issue than money for a home rehab. Ask your lender specifically about the FHA loan 203(b) (I think that is the specific loan name) many lender are either a) not familiar with the program or b) are unable execute the loan because they are not certified to. Either way if this is the road that you want to travel and your mortgage guy can’t get you the 203(b) go to someone else that can. Best of luck

    Cash Advance Online

  3. Heather
    January 4th, 2010 at 06:04 | #3

    It depends if the house needs urgent repairs. If not, don’t borrow more than you need. Seriously, you’ll regret it.

    Get Into Harvard Business

  4. Uh huh, go on I’m listening
    January 5th, 2010 at 06:22 | #4

    Well, keep in mind you’ll likely want to make changes, possibly carpet or hard wood floors, might need new appliances, etc…
    I wouldn’t borrow the entire approved amount (no need to get too far over your head if it’s not necessary) but I would go for an additional 20k for things like I mentioned.

    Strategic Forex Trading

  5. Vite
    January 6th, 2010 at 19:02 | #5

    I think a 25% its a reasonable extra

    Cheat Codes For PS2

  6. Dizzy_Lizzy
    January 9th, 2010 at 22:58 | #6

    The lender will only approve you for what you’re paying for the house. If the purchase price is $40K, your loan is for $40K. You can get UP TO $100K. That doesn’t mean they’ll give you $100K no matter what. If you want money for repairs, talk to your lender about ways to make that happen.

    Insurance Quote Index

  1. No trackbacks yet.
Security Code: