Posted by Joe Cuddy on April 18, 2000 at 17:17:18:
In response to your request, if the circumstances are correct, we have some programs here at H&R Block Mortgage that could benefit you.
I will outline them below:
LTVs up to 70 percent cash out or 80 percent rate and term may be considered using the appraised value provided the improvements are validated. The following may be required to validate the increase in value:
A copy of the HUD-1 on the prior loan (if applicable) to determine purchase price of property
Market support for improvements done on the property, increased property values in area, etc., validating the increase from the purchase price. The appraisal should state what caused the increase in value and reflect the cost breakdown of any improvements. If the increased value is due to improvements, pictures of the improvements must accompany the appraisal and possible permits, where applicable.
Shoot me an e-mail if you have any more questions.