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is there a mortgage loan that would include improvements over the asking price

by deonnacumpton941 from Memphis, Tennessee. Oct 3rd 2013 Reply


Charlie Sparks (CharlieSparks)
#8 ranked lender in New Mexico - 401 contributions

Yes! Shop for a FHA 203k mortgage. There are a couple of different options depending if the improvements are cosmetic or structural. Not many lenders offer the latter. Find a lender in your area by clicking on 'community' at the upper right. Good luck!

Oct 3rd 2013
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William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

Yes.. FHA has a loan product called the 203K. However, FHA also has loan limits, so depending on the sale price of the home, it's possible it might not qualify.. Also, conventional financing has a rehab type loan program as well with higher loan limits. Contact a local mortgage broker and apply with them.. they would be familiar with the different types of programs and can guide you to the right loan product for your particular scenario.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. 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

Oct 3rd 2013
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Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions

On a purchase, a very popular loan for this is called the FHA 203k loan. It will allow you to buy and get repair money all in one loan. Contact a local mortgage broker for more details. In MN or WI, visit http://joemetzler.com/203k_in_MN.htm

Oct 3rd 2013
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David Ortega (DavidOrtega)
#51 ranked lender in Minnesota - 231 contributions

Yep. FHA has the 203k product and Fannie Mae has the Homepath and Homestyle products. The Homepath only works for Fannie Mae REO properties, the Homestyle and 203k will work for any property. Aside from these, there are construction loans available that will allow you to structure the deal off the After-Improved value. Wish we were licensed in Tennessee; would love to gain your business.

Oct 3rd 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

I can help you with either the FHA 203k or a conventional (HomeStyle) loan. We also offer a conventional loan option that allows up to $25,000 in repairs to be done within 30 days after closing. Which one works for your situation depends on your qualifications and preferences. pdumouchel@primelending.com or 843.619.6025 please contact me for help, this type of loan is one of my specialties!

Oct 3rd 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

If needed, we also offer a jumbo renovation loan where you can add up to $150,000 in improvements to the financing with max. loan amount of $1.5M. The appraisal for renovation loans is done based on the value of the home with the repairs/improvements included. (I have a blog posting on this site discussing renovation loans you can also check out.)

Oct 3rd 2013
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Jackie Peck (JackiePeck)
#81 ranked lender in Georgia - 21 contributions

Yes there are options available, we offer a HomePath Renovation loan for Fannie Mae foreclosure properties for primary, second home, and investment properties. We also offer the HomeStyle renovation loan that allows you to more extensive renovation on a purchase or a refinance up to the Fannie Mae loan limit. Construction Perm loans are also a great option if you are looking to add square footage or do a tear down or for jumbo financing. We lend in Georgia and the Carolinas. Give me a call at 404-483-9526 or email me at jackie.mcmichen@firstcitizensonline.com for more detailed information.

Oct 3rd 2013
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