Updated almost 10 years ago on . Most recent reply
Mortgage, Second mortgage, and Heloc
Hello! We have a house that we are considering purchasing for about $250,000. It needs about $40,000 worth of renovations, and has appraised for about $325,000 as is. We'd like to do a conventional loan with 10% down. My question is, can I get a second mortgage for renovations at the same time I am getting a first mortgage? Or would a Heloc be better? And how much of the appraised value can you borrow on a second mortgage or heloc? Would a fha construction loan be better ( trying to avoid additional fees and specific contractors)? Just trying to see what my best option would be and knew you guys would have the answers! Thanks!
Shannon