-
Can I get a house mortgage for what it is appraised for?
Posted on September 7th, 2010 3 comments
Peyton asked:
Please Please go easy on me, I am hoping to be a first time house owner.Two Questions:
1) If a house you are buying is appraised for $30,000 and you are buying the house for $20,000. Can you get a loan (mortgage) for $30,000 (so I can take the extra $10,000 to fix up the place)?2) What would be one advice would you give a 1st time home buyer, that YOU wished you knew when buying a house.
Thank you!
SueRenting & Real Estate Buying A House, Buying House, Extra, House Buying, House Mortgage, Loan Mortgage, Time Home Buyer3 responses to “Can I get a house mortgage for what it is appraised for?”
-
In this market, most banks will frown upon this. My house is valued by the county at say $100,000 but we bought it for $75,000. Our bank appraisal came in at our buying price, not the county’s assessed value. We were only permitted to take out an 80% loan (without PMI) on the bank’s appraised value. Anything extra would have been a construction loan or a personal loan.
My advice is to buy the most house you can afford. You make more on a $250,000 house than a $200,000 house. If your house increases 10% in value, that’s a difference between $20,000 and $25,000.
-
Trixilicious is Trixadocious September 9th, 2010 at 12:35
Lenders hate those low loan amounts.. Good luck with that.. the low loan amount is the first hurdle.
-
Evlen Reed September 11th, 2010 at 08:11
i am evlen reed,i want to let you know that getting loan is very difficut,and i want to reffer you to where i get loan from yesterday,even if you have bad credit.you can contact them via emial;usman_corporateloanfirm@yahoo.com i know they will he
Powered by Yahoo! Answers
Simpson G September 9th, 2010 at 12:17