Posted by Don Dion on August 16, 2003 at 10:03:32:
If your like most home owners you want the lowest rate you can find. These loans you see in the paper every day come from two sources: Fannie Mae or Freddie Mac. The problem is they have lending guidlines that state 12 months seasoning required before you can use appraised value rather then PP. You can show your bills and get purchase price plus cost of materials and labor on a refi during the 12 month seasoning but it sounds like you want the basis to be the current market value.