Is it possible to get a Delaware Mortgage for more than the home’s value?
Can you get a Mortgage Loan for more than the value of your home?
If you want to refinance a home you already own in Delaware, there are mortgage programs that allow you to borrow up to 150 percent of the home’s value. The program is under the special program created by the economic stimulus bill of 2009 is called the HARP Program. It is only to lower your current mortgage rate or to switch from an ARM to a fixed rate.
It is generally not possible to buy a home and borrower more than it is worth. One exception is buying a fixer-upper property. There are Delaware loan programs (Delaware FHA 203k Loan) that allow you to borrow the purchase price plus the cost of the fix-up. Both you and the property must qualify. You must qualify income-wise and credit wise (640 Minimum FICO score). You are able to borrow up to 110% of the after repaired value of the home on an FHA 203k Rehab Loan. The after repaired value is based on the repairs/renovations being done on the property.
Have a Real Estate question? Feel free to give me a call at 302-703-0727, I am here to help!
If you would like to apply for a Mortgage Loan, you can APPLY ONLINE HERE, or give us a call!
John R. Thomas – NMLS 38783
Certified Mortgage Planner – Primary Residential Mortgage, Inc.
302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office