How do I make money from a home loan to renovate a kitchen in the home I am buying?

Discussion in 'Off topic' started by DCmaster, May 21, 2008.

  1. DCmaster Not Active

    DCmaster
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    This is my problem, I want to buy a property for say $230,000 alright, but I also want to renovate the kitchen. How do I take out a loan for say $250,000 and get the money to redo the kitchen? Is that money back a closing or Is there a limit to want you can get back? Please help!!
    The loan I am going for is a VA home loan if this helps.

  2. mldebo Not Active

    mldebo
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    Have the sellers of the house give you cash back at closing for the amount you want. Just pay them more for the house and have them give it back to you as soon as the check clears. Maybe give them a little fee i.e. $250 or so.

    Or try to take a second mortgage out on your current house.

    Good Luck!!!
  3. Dizzy_Lizzy Not Active

    Dizzy_Lizzy
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    A bank won?t lend you more than the house is worth in most cases. You should talk to your lender about the available options.

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