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Loan question..

We got pre-approved for 200k... Say we buy a house for 165k...can we keep the other 35k for things we want to do the house(hardwood, tile, counter-tops, painting)??

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Anonymous

Asked by Anonymous at 11:50 PM on Jan. 24, 2010 in Money & Work

Answers (5)
  • I think that the house has to appraise for more for you to get more money.
    Anonymous

    Answer by Anonymous at 11:51 PM on Jan. 24, 2010

  • NO THE LOAN IS FOR THE AMOUNT THE HOUSE COST
    Anonymous

    Answer by Anonymous at 12:25 AM on Jan. 25, 2010

  • The loan is for the house. And just a word of caution. We are always approved for an amount that is way higher then we can comfortable afford to pay each month. I would look at how much you are able to pay for each month and tell the realator and she can directyu to the comparable houses. Enjoy house hunting
    DevilInPigtails

    Answer by DevilInPigtails at 12:34 AM on Jan. 25, 2010

  • oh yeah for sure.. the loan officer said we can get 300k but we said we wanted for only 200k cuz 200k morgage is less than what we pay for rent now =D
    Anonymous

    Answer by Anonymous at 12:55 AM on Jan. 25, 2010

  • Figure the payment with property tax and insurance figured in make sure that amount is not more than 25 percent of take home pay. You need to make sure you are not stretched too thin since you cannot call a landlord to fix things as a homeowner. We were approved for 450k we only purchased a 232k house. We pay less than 18 percent of our take home pay on our mortgage, insurance and taxes for the house. To spend more than 25 percent of take home is stupidity.
    Anonymous

    Answer by Anonymous at 1:06 AM on Jan. 25, 2010

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