When I get a home loan, can I take out more than the price of the home for renovations?
I am doing this alone, no partner, husband, etc. Cost of the house is 65,000 but I want to build a garage and put up a fence for a dog.
- Anonymous1 decade agoFavorite Answer
Are you securing the loan with something else as well?
Example. Total assessed value of property = 1 million
Value of loan = 1.5 million
If person runs off tomorrow then the bank is screwed half a million.
Bad idea neh?
- Bostonian In MOLv 71 decade ago
There are loan programs that will provide additional funds for repairs or renovations. Talk it over with your loan officer. The work needs to be approved by the lender and they will require that the funds be paid out to the contractor(s) through escrow. If you're looking at an FHA loan, look into their 203k program.
- pattibcaclLv 61 decade ago
yes you can