i recently paid 60k cash for a brick garage apartment and land(with no mother house)

You should apply for a "first lien home equity line of credit".. You apply once, and the money is there for you to use whenever you need it without having to reapply every time.. You also only pay closing costs one time... your local big bank can handle this, but you can also contact a local mortgage broker.. He might have more options available for you.. I'm a lender in Scottsdale AZ, and I only lend in AZ... if you or someone you know is looking for a lender feel free to contact me or pass along my number... 480-287-57147, WilliamAcres.com

Hello, If this is your personal residence. This is exactly the kind of a loan that a small local/community bank or credit union would be able to do for you. Generally the Big banks won't do these. Also if you are a Veteran it may be possible to get a Texas Veteran Renovation loan by Contacting the Texas Veterans Land board.Sincerely,Henry J Daniels - Sr. Mortgage Banker & CMPSI Certified Mortgage Coach"Educating you to make the right financial choices for your family today and tomorrow"

You also may be able to qualify for a FHA 203k rehab loan program. You must occupy the property as your primary residence and credit qualify. There are 2 options on this loan prgram depending on how many improvements you want to make. If you are performing major rehab ( over 35K ) an FHA coordinator becomes involved. If less, the bank works with the contractors directly. You obtain contractor bids from licensed contractors who are to complete the work. The property must appraise with the improvements taken into consideration. Some lenders require an existing lein so you would want to discuss that with your lender.

I agree with the above statement. The 203K will more than likely be your best bet. The HELOC maybe an option depending upon how long ago you purchased the property and how much the property has appreciated since you purchased it, but the FHA 203k will allow you to borrow based upon the projected value at the time of completion of the improvements as opposed to the HELOC which uses the properties current value. Contact any local mortgage broker and ask if they're familiar with 203k.

You didn't state what kind of improvements you want to do. This will be important to the type of credit and source that you would be eligible for. If you are looking for funds to improve the existing structure, I would look to a local community bank or credit union. Since an FHA 203k can NOT be used for new construction, you could not use this vehicle to finance the building of a separate "Mother house" structure. The advantage of a Home Equity Line of Credit (HELOC) is that once it is in place you can borrow from it, pay it back, and borrow again all without having to re-apply every time you need cash. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com