Dont do it. You probably could, somewhere, maybe. Maybe their are still programs out there like that. But unfortunately with a question like that the sad fact is, you cannot afford a home. Save a year or so. Have cash ready. You need to be prepared to own a home. Your on the right track. Talk to your bank. See what programs they have for you. BUT, be cautios, its a big responsibility.Can I take out more on a mortgage than what I need to buy a house?
All of the money from the loan must be allocated at closing. It cannot be given to you for your own personal use. You could allocate some money into an escrow account, payable to a moving company. Ask your realtor how this works, they should be familiar with the process.
you will be lucky to get a mortgage that small at all - might have to get a different kind of loan-with a higher int rate-and no, you won;t be able to get it for more than the cost of the house and you'll still need cash for downpayment and closing costs
Not for the purpose you describe. However, there are mortgages that allow you to get 'more than you need' to purchase the home to make improvements to your new home. Talk to your mortgage broker.
No. Mortgage companies generally only allow extra to cover closing costs and some mortgages will allow extra if the house is in need of repairs. The repairs generally have to be extensive though.
No you cannot.
No.
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