When buying a home, can you obtain a mortgage that is a little more than the asking price to cover upgrades?

I want to buy a condo for like 140,000 but,I want to make some upgrades to the kitchen. Can I take out a 150,000 mortgage or does it have to match the asking price of the condo?





6 thoughts on “When buying a home, can you obtain a mortgage that is a little more than the asking price to cover upgrades?

  1. Not any more, those days are long gone because it was those loans that hurt the market.

  2. You may still be able to, but that is what has now got so many people into mortgage problems. They now owe a lot more than the value of the property.

  3. whitneymagnolia says:

    possibly but lending has tightened up quite a bit.

  4. PoeticDevice says:

    I think it depends on the lender, your credit rating, and how much you have been pre-approved for.

  5. It’s called an FHA203K loan and you need to be able to qualify for it. They still exist here in NY and to my knowledge it was a Federal thing, not a State thing.

    I’m a Realtor and I’ve done them before. you need to have the work approved and estimated prior to the loan.

    Good luck.

  6. Good finance question! I know of an organization that gives up to $ 1500 to people to help them with their rent or mortgage. It’s available in most US cities, I highly suggest you check it out.

    http://www.help-my-rent.org

    Best of Luck.

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