Comments on: What is the best way to finance a new home purchase and addition simultaneously?

By: ustelex

ustelex — Sat, 22 Mar 2008 22:28:22 +0000

There are also private money lenders which will consider after improved value and would consider the purchase and improvement loans.

By: Andrew Z

Andrew Z — Thu, 20 Mar 2008 21:41:04 +0000

You can obtain one of the new Fannie/Freddie Renovation-Rehab loans. For a primary residence purchae, you can finance up to 95% of the total cost to purchase and rehab. For example, a 100k purchase would allow you to finance 95k and you would be responsible for a 5k down payment. There are a lot of guidelines to this loan but if you have decent credit this will may be the most cost effective way to achieve your desired result. I am also a mortgage planner and I provide financing in CO. Please feel free to contact me if you’d like more information. Good Luck!

By: richgo55555

richgo55555 — Thu, 20 Mar 2008 10:10:51 +0000

If your credit is good, you could finance 100 – 107% of the purchase price and save your down payment for the renovation. I am a manager a mortgage bank. Email me if you would like to explore these ideas.
Thanks