mortgage and home improvement

No you can't get a loan above what the property is valued at. Even though you are approved for a loan of $200k the limitation would be whatever the subject property is appraised at.

If you are approved for 200k and are purchasing for 175k, you can use the remaining 25k toward improvements using the FHA 203k program. I would click the "find a lender" tab and call some lenders to find one who does 203k's.

FHA 203K is the loan product... be sure to use a lender who has experience in this type of loan.. The best advice I can give you is to contact a LOCAL mortgage broker, 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

Only if you are applying for renovation financing like an FHA 203k loan in which case the loan amount will be based on the purchase price plus renovations. More info on the 203k program here: http://renovationloans.com/fha-203k-program.html

i can do residential rehabs , but i need the minimum loan size to be $200.000 yourloanpartnerforlife@live.com emailwww. yourloanpartnerforlife.com website

You would have to apply for a FHA 203K loan.

The only way to do what you propose is with a renovation loan, either a FHA 203k or a conventional "HomeStyle" loan which not all lenders offer. Under either of those loan programs you can include the cost of the repairs and desired improvements in the loan, up to the appraised value of the home. The property will be appraised based on the value WITH the improvements completed. Assuming this will be your primary residence, your required downpayment will be a minimum of 3.5% of the total cost (purchase price plus improvements) for a FHA 203k or 5% for the conventional option. FHA is a bit more flexible but the monthly payment is generally a little higher due to the required FHA insurance (similar to PMI), while the conventional option generally works better for someone with stronger credit and possibly wanting to put more money as a downpayment - plus the monthly payment is generally a bit lower. These types of loans are a great way to get a deal on a home that needs repairs or updating and include the costs in your mortgage. I handle all types of renovation loans and lend in Virginia; please contact me for more information or if you'd like me to work with you. 843-619-6025 or pdumouchel@primelending.com

Follow up information: depending on the type of loan you are doing (FHA vs conventional), virtually any type of improvement that adds value to the home is possible -kitchen and bath upgrades, foundation repairs, roofing, siding, windows, mechanical system upgrades, certain landscaping and fencing work, even full additions, garages and fencing. Make sure you work with a lender that really knows how these programs work. Contact me for more information: pdumouchel@primelending.com or 843-619-6025 - I'm based in SC and the majority of my business is done here, but I lend in Virginia and most any state. PrimeLending is a nationally licensed company based in Dallas with about 200 offices around the country, we are not primarily an internet lender.