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Looking for a FHA loan that allows for cash to make improvements.

Need about 25-30,000 cash by jack902 from Gallagher, West Virginia. Apr 28th 2016 Reply


Lorne Harvey (lorneharvey)
#81 ranked lender in Washington - 419 contributions

FHA allows up to 85% of the appraised value to be used for cash out purposes!

Apr 28th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,041 contributions

That's called the FHA 203K rehabilitation loan.. and it's offered by most lenders.. but if you go into your local big box bank, they might not do this particular loan product.. This is why I always suggest you contact a local mortgage broker.. they deal with numerous different lenders, with each one offering a different set of lending programs.. the more lenders, the more lending programs and the greater likelihood your loan scenario will be accepted.. There also a conventional loan product that is much better than the FHA product, but you have to have much better credit scores for it to be beneficial.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Apr 28th 2016
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,565 contributions

The FHA 203k rehab loan allows you to get the money needed to fix a home based on the "future value" of the home once repairs are complete. The standard FHA loan allows you to "cash out" up to 85% of today's appraisal. I do both full and streamline FHA 203k loans in MN, WI, and SD. Learn more at www.JoeMetzler.com/203k

Apr 29th 2016
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