Jim asked:
I live in Colorado and plan to purchase a home. Before I move in, I’d like to add two bedrooms and a bath. What’s the best way to finance this all at the same time?
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I live in Colorado and plan to purchase a home. Before I move in, I’d like to add two bedrooms and a bath. What’s the best way to finance this all at the same time?
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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
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!
There are also private money lenders which will consider after improved value and would consider the purchase and improvement loans.