Wanting to buy a home using the first time home buyer tax credit by April 30,2010?
christy1001 asked:
Wanted to buy the home and borrow for remodeling the home. Lender says it has to be finished and closed on by June 30, 2010. Why does it matter if the remodeling is finished? Couldn’t we just close on the home and remodel at our own pace. I’m confused.
I am buying from a individual so there is no realtor involved. The home is appraised for the price that I am asking to borrow which includes remodeling.
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Your lender is not correct. As long as you close and OCCUPY the residence by June 30, you are OK. [who]
Ask your Realtor…….you do have one don’t you? [who]
The lender will loan a certain amount of money based on the condition of the home. So you can enter into a contract by april 30th, plan to close on June 30th, but the lender will do an appraisal closer to settlement. If the house doesn’t appraise for the amount you are looking to borrow, you will not make it through settlement. I suspect that’s why the lender would require the improvements to be done by settle date.
Follow up: You said “appraised…which includes remodeling.” That’s exactly your issue. It would need to be appraised for what you want to borrow w/o the remodels.
Good luck. [who]