Articles Comments

Debt Relief – Insolvency – Bankruptcy Information » Foreclosure Help » can I get a loan for more than the purchase price on a foreclosure home for repairs?

can I get a loan for more than the purchase price on a foreclosure home for repairs?

I would like to buy a foreclosure home in the Madison, WI area. The home is on the foreclosure market for 75,000 but the appraisal is around 130,000. The home needs quite a bit of work and I’m wondering if I may be able to take out a mortgage for around 105,000 so that I can purchase the home and make the necessary improvments? any help or sources would be greatly appreciated. Thanks!


  1. How Soon Can I Take Out a Home Equity Loan or Refinance After a Cash Purchase of a Foreclosure? The house is only 10k. So if I pay 10k cash, how fast can I do a home equity loan...

  2. How do I purchase a foreclosure home that is owned by the bank? I have found several home in foreclosure that the property is owned by the bank what is the next step?...

  3. Did the final version of Foreclosure Act include the $7000 credit for the purchase of a foreclosed home? I purchased a foreclosure in June 2008. I know the Foreclosure Prevention Act underwent many revisions. Does anyone know if...

  4. After filing for bancrupcy, how long is it before you can purchase a foreclosure? We filed for bancrupcy approx. 4 years ago and have been paying outrageous rent ever since. We would love to...

  5. How do I attain a home that’s in foreclosure? This is the situation: My father’s home is in foreclosure and it probably foreclose within a week. I would like...

Written by

Filed under: Foreclosure Help · Tags: , , , , , , ,

7 Responses to "can I get a loan for more than the purchase price on a foreclosure home for repairs?"

  1. golferwhoworks says:
    no purchase price only less your down payment
  2. BU says:
    If the home was listed at $75K then you can only get the repair allowance from the seller. You cannot inflate the price to get money back at closing, its illegal.

    You can however get a home equity line of credit (HELOC)for up to 100% of the value of that home. Thats a line of credit so you won’t be charged any interest until you start to write repair checks or whatever you need the cash for against it.

    Good luck in 2009

  3. loanmasterone says:
    You have to check around about a few government loans and some city loans, but yes there are a few loans that will allow you to borrow to repair certain things in your property you are buying.

    FHA has a 105% loan. There are down payment assistance loans from the city and county. There repair loans from the county and city. check with your mortgage broker especially if your mortgage broker handles FHA loans. Of course you have to have a mortgage broker that understand the mortgage programs available to buyers.

    The problem with these loan programs is that you must call and see if your can qualify for them.

    You should check with the City Housing Department in your local city for any such programs.

    I hope this has been of some use to you, good luck.

    “FIGHT ON”

  4. Noneya says:
    You need an FHA 203K loan.
  5. Brother Otter says:
    The FHA has a loan program where you can roll the estimated cost of repairs into the home purchase price. However, the repair estimates must be from professional firms not your brother in law.
  6. Scott D says:
    If you are approaching this as an investor, you may be able to get what is known as a “hard money” loan for the purchase and renovation of the property. Hard Money lenders are generally private lenders who specialize in loaning money to real estate investors. Generally they will want to limit the loan to no more than 65% to 70% of the after repaired value of the home. So if the home will appraise for $130K after the repairs are done, the maximum loan would be around $85K including purchase and repair funds. A hard money loan is a short term loan, usually 6 months, and the interest rates are very high, usually 15% with some additional fees up front. But using a hard money loan you can get the property fixed up and either resell it or the refinance into a permanet mortage. If you are planning to live in the home, the FHA 203B program may also be a good route to look into.
  7. Morgan Willicot says:
    Tired of Seeking Loans and Mortgages? Have you been turned down by
    your bank
    because you have bad credit? Have you been scammed and you don’t know what
    to do?

    This was exactly how I felt until GOD sent a woman to help me with
    financial assistance. You can contact her via she Offers LOANS from $5,000.00 Min. to
    $10,000,000.00 3% interest rate. She is certified and trustworthy. She
    can help you with financial assistance. Below are categories of loan she offers

    Auto Loan
    Home Equity Loan
    Mortgage Loan
    Business Loan
    Personal Loan
    Bad Credit Loan
    Consolidation Loan

    If you are interested, you are required to provide her with:

    *Applicant name……………………………….

    *Full address…………………………………….

    *Phone number………………………………..

    *Amount needed………………………………

    *Duration ………………………………………….

    *method of delivery (Bank or Check)……………………………..

    Note i am sending this to everyone because i feel this is the only way i
    can show my appreciation for what he did for me.

    Please Note: All replies should be forwarded to the Company’s
    E-mails: benitaloriinvestment@hotmailcom


Leave a Reply

Connect with Facebook


You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Not finding what you're looking for?
Do a custom search of our entire site:

Get Adobe Flash player