Mortgage for home improvement

Too much info missing... what type of home.. Single family, condo, manufactured home??? How much do you owe currently, how much cash do you need to pull out, and what is the home worth?? The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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

Stonegate specializes in renovaton and home improvement loans. You can obtain a loan to pay off the existing loan with your family memeber AND for the renovations, If the property is in good enough condition, you can take the cash and do with it what you want. If there are issues that could cause an appraiser to list 'deferred maintenance', then you may need to do a renovation loan and we would want a little more control with the renovation piece, such as background check on the contractor(s) and monitoring the repairs/improvements. Don't hesitate to call on me with any ohter questions. We do require a minimum middle score of 660 for renovation loans and 640 for cash out, non-renovation loans.

The new lender is going to ask for proof of on time payments to the family member you got the existing loan from. It is also very likely that they may not be willing to take a second lien position behind a non-institution note holder. Instead you may want to look at either a cash-out refinance or possibly a 203k rehabilitation loan. Work with a local Mortgage Banker/Broker to see what makes the best sense for your situation. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Assuming the property will have sufficient equity based on the value after the improvements, you shouldn't have any trouble financing up to 95% of the value of the home and possibly higher. Normally the new mortgage will pay off the loan from the family member plus financing the improvements. The type of property (condo or not), and your other qualifications do make a difference in your options as well. Renovation loans are one of my specialties and we offer this financing with a credit score as low as 640. If preferred, I can refer you so someone with our company who is local to you who also handles these types loans.