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Can a person get a home equity loan on a house while they are trying to purchase it if the appraisal allows ?
I am wandering about purchasing a home which the apprasial is $110,000 but I can buy it for $60,000. I am wandering if I can borrow the 60K and and then get a home equity loan for 25K for improvements to the property?
2 Answers
- Anonymous1 decade agoFavorite Answer
Should be able to. If the appraisal actually shows that you have $50K in equity after you've bought the house, then you should easily be able to borrow half of that.
BTW - please do yourself a favor and Report all of the SPAM/SCAM answers you get from online loan outfits. Nobody reputable does business that way...
- Anonymous7 years ago
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Source(s): http://loans.servermatrix.org/