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If I own a home and looking to purchase another. Can I get a loan for home improvements and the home purchase rolled into one loan?

by lesterjack659 from Jackson, South Carolina. Jun 13th 2018 Reply


Todd Glassman (Todd Glassman)
#1 ranked lender in South Carolina - 118 contributions

Yes you may qualify for a 203k loan. Give us a call at 864-438-4550

Jun 13th 2018
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,428 contributions

There are several options.. Both conventional and FHA.. but they are both intended for owner occupied properties only.. so if you are exiting a home with a mortgage and looking to buy another home to move into that needs repairs, and you wish to include the repairs into your loan.. then the HomeStyle renovation loan and the FHA 203K loan will both work.. Keep in mind that both have restrictions.. and you must used licensed contractors who will be willing to wait on payment.. additionally, if YOU are a licensed contractor, you are not allowed to get paid for your labor.. only material costs.. and you can only perform the work you are licensed to do.. Typically, these types of loans are difficult to do and they are priced higher (rates and fee's).. If you can afford it, your far better off buying the home as is.. and do the improvements over time... I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Jun 13th 2018
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Joe Metzler (JoeMetzler)
#19 ranked lender in Minnesota - 3,765 contributions

Purchase the home, and potentially get extra money to make improvements is available in the traditional loan market - but they are for primary, owner occupied properties only money (FHA 203k and Fannie Mae HomeStyle). These loans come with may restrictions, including YOU not being able to do any of the work, and that the house must future appraiser enough to cover the purchase price plus repairs. Essentially just because the house needs repairs, or you want to do repairs doesn't mean the value will go up enough for it to make sense to the lender. There are potentially buy and rehab loans available in the non-traditional market. You will need to search high and low. Expect big down payments, and high rates. Better to buy as is, and make repairs out of pocket in most cases, then refinance after the home is all shined up and pretty.

Jun 14th 2018
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