Talking with bankers, and I don't think I'm using the terminology right.
if we already have a first mortgage (the FHA 5% one) in place, we get through the close, and we're looking for $30k for renovations, are we asking for a 2nd mortgage construction loan?
I know we'd need another appraisal, like an ARV appraisal, but I don;t know how to word what I want to the lenders.
Talking with bankers, and I don't think I'm using the terminology right.
if we already have a first mortgage (the FHA 5% one) in place, we get through the close, and we're looking for $30k for renovations, are we asking for a 2nd mortgage construction loan?
I know we'd need another appraisal, like an ARV appraisal, but I don;t know how to word what I want to the lenders.
Thanks!
Tracey