I just purchased a home that needs lots of work for $75K, I was planning on getting a home equity loan to pay for the improvements, but it appraised for $79k. My understanding is that now I would only qualify for a $4K equity loan. What are my other options for securing a loan to pay for the needed home improvements. Details please.
You should probably look at an FHA 203K refinance loan. The loan will be considered based on the value of the home after the repairs are complete not the current appraised value.
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