How To Get Financing and Living At Home During Renovation
Either you want to purchase a home and want to renovate the home or you currently own the home and want to tear it down and build it anew.
If you own the own home a bank will loan you, in most cases, up to 80% of the value of your home. Your LTV or loan to value will depend on the current value of your home but no more than 80% of your home's current value.
A cheaper way to do it is to get a HELOCK (home equity line of credit) with is essentially a second mortgage on the home. You will only pay for the money that you're using.
There are construction loans that banks can offer but they will pay the builder directly and the contractor will have to sign an acquisition form at the bank.
The good news is you have options, as far as New York is concerned.
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