Often someone in the home buying market asks if they can borrow extra funds to repair or upgrade the home. In general the answer is NO. Lenders lend on properties at a maximum loan amount based on the LESSER of the appraised value or sale price. If a home appraises for less than agreed upon then the appraised value will be used.
When buying a home the sale price is based on the condition of the property at the time. It is easy enough to imagine a lender would not consider lending … (0 comments)
Buying a Home - Can I borrow extra funds for repairs?
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