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Renovating my new home with the mortgage

Can I use any portion of my mortgage to fix up a house I'm buying? by mrdvt904 from Bradford, Iowa. Oct 24th 2019 Reply


Michele Bledsoe (MicheleBledsoe)
#108 ranked lender in Georgia - 19 contributions

Not sure what kind of mortgage you are currently doing. If it's a purchase, there are renovation loans that can be done that include the cost to renovate them home. If you are refinancing, there are renovation loans for refinance purposes as well. I need a bit more information to answer you correctly.

Oct 24th 2019
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David Baker (David Baker)
#1 ranked lender in Iowa - 52 contributions

There are a couple of approaches to this. In short, you can look at FHA 203k or Fannie Mae HomeStyle products - both provide an option to renovate a home your own - or that you are looking to buy. Of course, there are always caveats in qualifying, etc. Feel free to reach out directly if you have specific questions that I can answer. - David Baker, Halo Capital, davidb@sayhalo.com, 515-974-6908

Oct 24th 2019
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,002 contributions

Look into the two main rehab loan options, the FHA 203k, and the Fannie Mae HomeStyle. I have a lot of information on my web site at https://joemetzler.com/renovation/

Oct 24th 2019
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Dave Skow (daveskow)
#16 ranked lender in Washington - 281 contributions

no ....options :1) get a new cash out refinance loan for the funds needed 2) use a HELOC / 2nd mtg to get the funds needed 3) consider a renovation type loan if the other 2 options dont work

Oct 28th 2019
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