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Can you get a home equity loan for a home that needs rehab?

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Home Equity

The home is paid for and no liens are against it. The home would not pass inspection at this time. I need 20K to make it livable again. Someone told me that the Pokies bank would lend the
the money on the future equity of the property if I had a licensed contractor do the work. Can anyone clarify this type of loan. Thanks in advance.

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    If you have a long standing relationship with bank they may loan you money based upon future value.

    You can probably about 70% of what home will appraise for in its current condition.

    David Z - Sep 10, 2012 | Reply

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