Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Borrowing extra money for Improvements?
Does anyone know if you can borrow more than your listing price for your loan and use the extra money to make improvements on the home? or do you need to get a completely different loan to do that? We are looking at a house that cost 77,000, but there are improvements that we would like to make, like flooring and replacing appliances and light fictures. Could we borrow 90k or 100k to make these improvements? or would it require a home equity loan? Thanks for your help 
Re: Borrowing extra money for Improvements?
It is a misconception that a 203k loan is a lot of paperwork. There are actually 2 types of 203k loans. there is the streamline that allows you to do up to 35k of work as long as it does not involve structural changes to the house. The full 203k loan can involve structural changes such as adding an addition to the property:
The Streamlined (k) program is intended to facilitate uncomplicated rehabilitation and/or improvements to a home for which plans, consultants, engineers and/or architects are not required. The Streamlined (k) program includes the discretionary improvements and/or repairs shown below:
? Repair/Replacement of roofs, gutters and downspouts
? Repair/Replacement/upgrade of existing HVAC systems
? Repair/Replacement/upgrade of plumbing and electrical systems
? Repair/Replacement of flooring
? Minor remodeling, such as kitchens, which does not involve structural repairs
? Painting, both exterior and interior
? Weatherization, including storm windows and doors, insulation, weather stripping, etc.
? Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens
? Accessibility improvements for persons with disabilities
? Lead-based paint stabilization or abatement of lead-based paint hazards
? Repair/replace/add exterior decks, patios, porches
? Basement finishing and remodeling, which does not involve structural repairs
? Basement waterproofing
? Window and door replacements and exterior wall re-siding
? Septic system and/or well repair or replacement
Unless the flooing is asbestos, the lighting is broken, and the appliances don't work, I would save up the money and do the improvements when you have cash.