Financing Major Construction

[bzam99]

Anybody have any info how to finance a major renovation? Are there any loans or anything out there or do you have to have enough cash to pay for whatever you will have done?

[yitzf]

Anybody have any info how to finance a major renovation? Are there any loans or anything out there or do you have to have enough cash to pay for whatever you will have done?

If you own and have equity in the house you can open a heloc (home equity line of credit).

Short term financing (25-55 days) can be done with a credit card.

Open up a credit card with 0% APR for x months. Ex.Chase slate.

[bzam99]

Short term financing (25-55 days) can be done with a credit card.

Open up a credit card with 0% APR for x months. Ex.Chase slate.

About how much can you get from a credit card?

[yitzf]

About how much can you get from a credit card?

$300-3million.
It depends I the credit line the bank wants to give you.
If you have other Chase cards, you could apply for the Slate, and if the credit line isn't enough you might be able to transfer the lines of credit from from your older cards (I'm not sure about this because they might not let you transfer to a brand new account)

[Squasher]

Anybody have any info how to finance a major renovation? Are there any loans or anything out there or do you have to have enough cash to pay for whatever you will have done?

203K is a special FHA program.

[ckmk47]

If you're getting a home equity loan, have them do the home inspection before the construction begins.  If your home has no kitchen or bathroom they probably won't approve the loan.
Straight up home equity loans have a decent interest rate and can turn into a mortgage/ second mortgage when the construction is done.
Assuming you can actually make the payments: brother -in-law, good friend?

[bzam99]

brother -in-law, good friend?

[ckmk47]

Assuming you can actually make the payments: brother -in-law, good friend?

To borrow money from.

[Bh101]

To borrow money from.

its alot to borrow from family, if something goes wrong then your screwed. where if u take out a loan and something goes wrong u can claim bankruptcy.

[danIL]

Anybody have any info how to finance a major renovation? Are there any loans or anything out there or do you have to have enough cash to pay for whatever you will have done?

Another option, assuming you have suffiicent equity in your current house, is to refinance your first mortgage as a cash out loan. You can get up to 80% of the current value of your house. The advantage over the home equity is you can secure a nice current low rate fixed for 30 years