UtahCribs Weblog

Real Estate, Homes, News, Statistics and more

New Conforming Home improvement loan…

Posted by UtahCribs, Real Estate, Homes on August 18, 2009

We have found a bank that offers a great new Conforming Home improvement loan. It only requries one appraisal, allows the borrower to use the “After Improvements” value and borrow up to $417,000 for improvements.

1- Up to 95% LTV for home improvements
2- Cash out to $417,000 loan amounts
3- After improvement value utilized

So in plain English what does this mean. A lot of you are interested in fixer uppers that just need to much work for you to bite off. This is a new Home improvement loan. So basically you can get one loan and build the costs to repair the home into your loan. For example: we find you a REO property for $200,000. Comps support a value of $250,000 if it was fully remodeled. You think you can do the remodel job for about $35,000. So we get an appraisal based on if the repairs have been made. The bank will loan up to 95% of that value. They will escrow the cash so you can make the repairs. You end up with one loan at a good interest rate. Problem solved, you can now look at fixer uppers. Now obviously this is a case by case basis. So give us a call if you have any questions..

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2 Responses to “New Conforming Home improvement loan…”

  1. You have some really good posts here. Im going to spend the next few days reading them. I love your writing style and I’m really happy to visited your blog. keep those posts coming!

  2. buknuk said

    Hey, you have a great blog here! I’m definitely going to bookmark you! Thank you for your info.And this is Home Improvement site/blog. It pretty much covers Home Improvement related stuff.

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