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Can you use a mortgage loan to fix up a house

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					Can you use a mortgage loan to fix up a house?
If I got a mortgage loan for a $ 25000 house, could I have the loan be for $ 35000-40000 to fix up/repair the house or does the money only work towards buying the
house?

Answer by banananose_89117 The loan is to buy a house, but once you buy it you should be able to spend the rest, but normally fixing a house has a house
improvement loan NOT a mortgage loan.

Answer by Zelda Hunter You shouldn’t take out a loan for more than the value of the house. If you buy the house with a mortgage, you can probably get a second
mortgage to fix up the house, provided you have some other assets that can secure that loan.

Answer by Alterfemego FHA has a loan program called FHA 203K. You might want to google it so that you understand how it works. But simple put, yes you can.

Answer by oliver_45140 A year ago you could’ve got more to fix up the house as long as the loan would not be more than the appraised value of the house. Today,
they will only give a loan for either the appraised value (a % along with a downpayment) or for the actual sales price of the home (as long as the sale price was at or
under the appraised value).




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