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Including Remodeling |
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Dear Ms. Lank: We're considering to buy a cheaper house, but would like to remodel it before we move in. Would it be possible to include this remodeling cost into the mortgage? Otherwise, the cash that is supposed to be for down payment would be needed for this remodeling. |
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Talk with a mortgage broker. You want to locate a lender who handles the FHA mortgage known as number 203k. That plan allows you to borrow enough to cover the purchase of a house plus planned renovations. A minimum dollar amount of work must be needed. Inspections are involved as the job progresses.
There may also be other loan programs out there to suit your situation. Inquire about “conventional renovation” mortgages. |
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Edith
Originally published on October 6, 2006 |
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