answersLogoWhite

0

Yes, you can obtain a construction loan to make renovations on your existing house. These loans are specifically designed to fund the costs of renovations and improvements to your property.

User Avatar

AnswerBot

5mo ago

What else can I help you with?

Continue Learning about Finance

How can I obtain a loan to fix up my house?

To obtain a loan to fix up your house, you can apply for a home improvement loan from a bank or credit union. You will need to provide information about your income, credit history, and the cost of the renovations. The lender will review your application and determine if you qualify for the loan.


Will a foreclosure on a construction loan have the same effect as foreclosure on an existing home?

Short Answer: Yes. You signed paperwork on the construction loan that would be very similar to the final loan. They will foreclose and sell the house at a sheriff's sale.


What information can you provide about the previous house owner?

I can provide information about the previous house owner's name, occupation, length of ownership, reason for selling, and any notable history or renovations related to the property.


What if your son bought a house you are paying for the renovations and you plan to sell it and split the profit Should you form an LLC or pay capital gains tax?

At this time your son owns a house and you are paying for the renovations to your sons house and if and when the house is sold your son will have to report the sale of the renovated house on his 1040 income tax return. You do not have anything to do with the ownership of this house at this time. If you and your son are planning on this being a ongoing business operation then you and he should get the operation set up correctly the way that you both agree to do this. When you have any profits someone has to pay the income taxes and it may not be capital gain taxes.


What is the difference between a home improvement loan and a home equity loan?

Home improvement loans are given to people who want to do renovations on their house. Home equity loans are loans that are given out with the assurance of the house.

Related Questions

What is the difference between a construction mortgage loan and a normal mortgage loan?

A normal mortgage is borrowing money to buy a house. A construction mortgage is when you own a house and borrow money against the house for repairs or renovations.


When did the constrution of the White House begin?

The construction of the White House began in 1792 and was completed in 1800. It has since undergone multiple renovations and expansions.


How can I obtain a loan to fix up my house?

To obtain a loan to fix up your house, you can apply for a home improvement loan from a bank or credit union. You will need to provide information about your income, credit history, and the cost of the renovations. The lender will review your application and determine if you qualify for the loan.


What are the release dates for My House Is Worth What - 2006 Return on Renovations?

My House Is Worth What - 2006 Return on Renovations was released on: USA: 10 March 2011


What are the release dates for Bathroom Renovations - 2004 The House of Unfinished Projects?

Bathroom Renovations - 2004 The House of Unfinished Projects was released on: USA: 1 February 2009


Will a foreclosure on a construction loan have the same effect as foreclosure on an existing home?

Short Answer: Yes. You signed paperwork on the construction loan that would be very similar to the final loan. They will foreclose and sell the house at a sheriff's sale.


Best renovations to make to a house?

The best renovation to the interior of a house will always be the kitchen and the bathrooms, these renovations give you the best return. If you want to continue, the third most important renovation would be your floors, hardwood would be a good upgrade.


What are the necessary steps to obtain plumbing blueprints for my house?

To obtain plumbing blueprints for your house, you will need to contact the original builder or architect of the house. If they are not available, you can hire a licensed plumber to create new blueprints based on the existing plumbing system in your house. It is important to ensure that any changes made to the plumbing system comply with local building codes and regulations.


Is the White House man made?

Yes, the White House is indeed man-made. It was built by human hands using materials and construction techniques. The White House has undergone various renovations and expansions over the years but its original structure was constructed by workers.


The house was damaged by the tornado but it could be repaired?

The tornado caused damage to the house, but it is repairable. With the necessary repairs and renovations, the house can be restored to its original condition.


How to house wrap an existing home?

Housewrap is installed behind the exterior siding of a structure while it is still under construction. The housewrap is applied in such a way that water or condensation does not get to the inner stud wall.


What is a sentence for the word construction?

The construction site by my house is noisy.

Trending Questions
Why would my health insurance company send me a check? Why do people save and invest? What does Bank of America offer with their online banking services? What is the value of a US 100000 dollar gold certificate? Did the student complete the first 4 years of postsecondary education? Does an effort to please one group of stakeholders eventually pleases all stakeholders? Is it possible to make a deposit at any credit union ATM? Have you ever accidentally deposited a check twice into your Wells Fargo account? What does the NA stand for behind the title Bank of America NA? Can late payments by a primary affect the credit score of a cosigner? When do we get FAFSA money for spring classes? What happens if mortgage loan holder files for bankruptcy when the title has other people also? What are the eligibility requirements for obtaining an FHA loan as an LLC? If an undergraduate can actually continue to go to higher education college even long after he or she has defaulted on student loans within NY State or anywhere within the country? When a foreclosure occurs and the lender is unable to sell the property for what's owed can they seize other assets from you such as savings acc ounts or rental property? What is the budget for iCarly? What does the abbreviation APR mean when looking for a cheaper loan? What is the oganizational structure of Tata Steel? What are cryptographical techniques for ciphertext? What is the amount you pay before insurance company pays anything?