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The house needs some work done to it, and we only need about 5 thousand to do it. Is there a loan that will do that? Or do I have to take out two separate loans?
I was told that at most they could do 105%. What lender does 150%.

7 Thoughts on Is there a mortgage that you can get more than what the house is sold for improvements?
  1. Reply
    December 14, 2012 at 11:48 am

    You may be able to find this type of loan, although it is rare. It would be better to get the seller to do the work in advance and thus increase the value at least as much (so your loan would be for the new value.)
    See HUD as they are the only source for this kind of loan I have heard of.

  2. Reply
    December 14, 2012 at 12:44 pm

    no. you can get a mortgage for up to 150% of the value of the house. then you write off the improvements and its like free money.

  3. Reply
    December 14, 2012 at 1:03 pm

    When you write a contract for the home, through a Realtor of course, you can lower your offer or ask for money back at the closing table for repairs. The you are not going to pay interest for the additional money. I have bought and sold more than 100 homes. Good Luck KG

  4. Reply
    Realtor Jul
    December 14, 2012 at 1:42 pm

    There are rehab loans out there, the only catch is that most of them will only loan up to 80% of the equity of the house….in other words 80% of what the home will be valued at after the repairs are completed. You will need a loan officer and a contractor who understand how it works. I don’t know if you have the house under contract or how soon you are due to close, but if you have some time, I would be happy to give you some referrals, just contact me through the site.

  5. Reply
    jeff s
    December 14, 2012 at 2:17 pm

    ALL THOSE ANSWERS AND NOT ONE OF THEM RIGHT! the simple answer is yes there is a mortgage program available to help you with repairs to the house and believe it or not the minimum amount of work that has to be done is $ 5,000.

    it is called and fha 203k loan and it is very easy to do. the only basic condition is that you must qualify for an fha mortgage and basiclly the only real restriction is the loan amount based on the county and state you are in. you can go to click on buying a house then click on fha loan limits to check out yours.

    now for those that will tell you it doesnt work or you cant do that or its to difficult they are all WRONG! you need to work with a lender that does it all the time … guess what I Do. In fact, i will give you one better, if you qualify for the mortage I can help you get a FREE grant for your downpayment making life even easier.

    I am the program director of a program called the liberty grant and you can check it out by going to after you do that you can call me directly and i will be happy to help you personally. you can send me an email or call me directly at 1-877-GRANT-100

    good luck

  6. Reply
    December 14, 2012 at 2:26 pm

    bid for the home lower than the suggested asking price.

    Dont give the bank more of your hard earned money for a 5K repair, you’ll already owe them 100%? No down payment? anyways, think of the compound interest on the extra 5K to 50K you dont need and will take you more than 360 months to pay off say 40 – 50 years. HELLO!

  7. Reply
    greg v
    December 14, 2012 at 3:05 pm

    150% no way. FHA loans are the hardest in the world to get approved for.. Literrally 6 months is the shortest time. if the house appraises for 106K and they are asking 100k you can get the 6% in form of seller concessions.. if the seller agrees. and if you qualify for a 100% loan. as far as not paying taxes on it or whatever dont get greedy. youre lucky the bank is giving you the 6%, 150% No. otherwise there would be no houses in need of repair because they would all be my investment property.

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