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DIY & Home Improvement

Hassin Bin Sober

(26,325 posts)

1. Yes they will want to do an appraisal inspection.....

Reply to woodsprite (Original post)

Fri Jan 25, 2013, 06:39 PM

Jan 2013

....prior to closing on a conventional mortgage loan. Also, your area will be flagged for storm damage so all loans will get extra scrutiny (additional inspections for loans in process prior to storm etc.)

You need a rehab loan. This is a tricky situation and I don't know the answer (I'm in the mortgage business).

FHA has some rehab products but you have to pay mortgage insurance even if the 20 percent equity is there. Also, FHA requires upfront mortgage insurance premium (MIP) as a percentage of the loan amount.

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Question about refinance vs. home equity vs. builders loan for major work. [View all] woodsprite Jan 2013 OP

Yes they will want to do an appraisal inspection..... Hassin Bin Sober Jan 2013 #1

Home equity -looking into that too. Wash. state Desk Jet Jan 2013 #2

I think you will get the lowest interest roody Feb 2013 #3

Yeah. I've been researching cash out mortgages as well as straight refi w/ addl loan. woodsprite Feb 2013 #4

That "monkey wrench" is what concerns me. Hassin Bin Sober Feb 2013 #5