First time home buyer in Austin, TX. What should I know? [more inside]
posted by jstarlee on Jul 28, 2009 - 15 answers

What do you wish you had done to your new house before you moved in? [more inside]
posted by robocop is bleeding on Feb 18, 2009 - 52 answers

I am planning on buying my first home within the next year. Based on the information I have gathered thus far about how large of a mortgage I will be able to afford, I will be able to afford a home for approximately $130,000 maximum. This is assuming a $20,000 down payment and a $110,000 loan. Where I am looking, there are plenty of homes that I can see myself in that are $100,000 - $110,000, but I know that I would like to make improvements, such as new appliances, bathroom updates, that sort of thing. But, I will spend all of my savings on a downpayment. So my question is: How do people afford to fix up their new homes when they spend all of their money on the downpayment? Do lenders allow you to take a larger loan than you need to buy the home and use the rest of the money for improvements? Could I take a $110,000 loan, but only put $90,000 toward the house and use the rest for home improvement? Would I have to take a second loan just for home improvements?
posted by foxinthesnow on Jun 17, 2007 - 18 answers