Alternate Loans for a House Already Owned.

More info needed, but in general.. If you just purchased the home 2 months ago, but put 20% down, then yes.. there are options, but if you put the minimum down, say 3% to 3.5%, then there might be something available, but it would be much tougher because of your limited equity position. FHA has the 203K rehab loan that allows you to add improvements, so if your home can benefit from other remodeling upgrade's and the property will be worth more after, then yes.. you can try that.. Conventional has the same type of rehab loan, but with less restrictions.. Again, more info needed to see which program would be best for you. The best advice I can give you is to contact a mortgage banker/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

if you have more than 10% equity in your home - a home equity line of credit MIGHT be possible .....you can also explore other ideas like 401K loan / unsecured personal loan ( best to ask your bank for this ) ..you might also inquire with soem of the local larer water damage replacement type firms for any in house financing programs that they are aware of or that they offer for your area