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Home Loan : Pleaseeeeee………..help………?

We have a approval of home loan with about 3.87% for $100,000.
But the home we like is only $43000 but needs repairing of about 15,000-20,000.
Will I have to pay same rate of interest for repairing loan. If no please can someone who really know tell me how much rate of interest could be only for money used for repairing. My credit score is about 713. I don’t have any other loan on me.
Close rate of interest suggestion can help me……I can’t call my lender (Bank) today as banks are closed. And we need to decide to take offer or not……right today………please helppppppp…us with correct suggestion (close guess of about 1 or 2 % up or down will be great idea for us……

Thanksssssssssss everyone
This is HUD property ….. and if we got approved for repair loan then how much could be interest rate….
To find about interest rate if our query right now………please give some details on this problem…..

Thanks

2 Comments

  1. MyHandsAreMadeOfPasta says:

    Great rate! Good for you! Banks don’t normally loan for more than the agreed upon price of the home except in a few rare cases but you have to see first if this home qualifies. There are some federal programs that might qualify you for low interest loans on the repairs and some times there are local offers-but you have to check into this home’s situation first to see if it will qualify otherwise you’ll have to pay for these repairs out of pocket like the rest of us.

  2. A Hunch says:

    Your current loan will not allow you to purchase a house that needs major improvements. It has nothing to do with the interest rate. You need apply for a 203K loan for home improvements.
    – no way for us to guess at the interest rate.

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