Question by Lue R: Can you get a home equity loan for a home that needs rehab?
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 bank would lend thethe 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.
Best answer:
Answer by David Z
If you have a long standing relationship with bank they may lent you money based upon future value.You can probably about 70% of what home will appraise for in its current condition.
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