Does anyone know anything about home loans?

Question

My fiancé and I were approved for a home loan up to 166,000. This will be our first home loan. We found a house we like for 109,000 needs a couple minor improvements mainly just us being picky but we were curious if they will give you more money then what the home is being sold for. If that makes any sense?! Sorry I know this has nothing to really do with conceiving or ttc!

Answer

It depends on what the home is appraised for. The bank will want the home appraised before they lend you the money, to make sure you're not spending more than the home is worth (they don't want to be out of money if you can't make payments and they have to repossess it). If the home is appraised for, say, $110,000 then you should be able to take the loan out for up to that extra $4,000 to make repairs.

Answer

You can negotiate repairs with the seller before closing. My first house, we wanted new carpet and reimbursement for paint and the seller agreed

Answer

We did a first time home buyers loan so we could only take out the cost for the home. If you get a conventional home loan, you would be able to take out more than what the home costs.

Answer

You can ask for more than the sale price of the house.  Like someone else said you can ask for repairs. Doesn’t mean you will get it just depends if they want to do it.

Answer

I do believe they might if you have a construction loan or a conventional loan. But if you are doing FHA they will not. Great question to ask your realtor or the bank you have your pre approval from

Answer

There are definitely loans that will allow you to put repair values into the cost of the loan. Most of them require a contractor to do the work and they will pay the additional money out in installments as the work is being completed.

Does anyone know anything about home loans?

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