CAN I ASK FOR A HIGHER AMOUNT FROM A MORTGAGE LENDER OR BANK?
Written By: admin on October 29, 2009
One Comment
I am looking into a foreclosed home. But it needs some work. Can we question a mortgage lender or a bank for a higher loan amount to fix the problems as long we qualify for that higher amount? Is this allowed?
Ok Thank you for answering that question. I have another. Which is simpler and smarter to use a bank or a mortgage lender?
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Tags: foreclosed home, mortgage lender, mortgage lenderTags: foreclosed home, mortgage lender
Heather is right. The only way to get this done is with an FHA 203K loan. The repairs will have to be done by an approved contractor so don’t go in thinking that you can do the work yourself.
Edit: You should look at using a broker. When you use a bank it’s like going to McDonald’s, you get what they have on their menu at their price. When you work with a broker it’s like going to an all you can eat buffet, you have more options.