What is PMI? Can you buy a foreclosure and take a loan up to value and use extra money for improvements. THX

Question

What is PMI? Can you buy a foreclosure and take a loan up to value and use extra money for improvements. THX

Answer 1

PMI is mortgage insurance.  It is added when you are financing more than 80% of the purchase price of the home.

100% financing has become extinct.  Most lenders today will expect you to finance the home improvements out of your own pocket.

Answer 2

No, you can't work the deal the way you are thinking.

You can't get "cash back" at the closing for improvements on a purchase.

Answer 3

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