There are many benefits to using this loan and we will list those below- however please keep in mind that a licensed mortgage originator in your state should do a full analysis to see which renovation product is right for you and your family.Here are some highlights of the Fannie Mae Homestyle Renovation Mortgage: Perform almost any type of improvement or repair including luxury itemsImprovements and repairs can go up to 50% of the after improved valuePrimary residences, second homes and investment propertiesOne- to four-unit homes, condominiums, and PUDS30 year fixed rate mortgagesAs little as 5% downNo mortgage insurance for loans with 20% equityReduced mortgage insurance for loans with less than 20% equity versus a 203kHigh balance loans depending on your countyAdditions and second levelsSwimming poolExterior spa or saunaBuilt in BBQ island and outdoor kitchenBuilt in outdoor fireplaceTennis courtsGeneratorand really anything else you can think of!

I have about 60k cash that I could put down, but how does a person get a loan for the remaining balance?  

You learn over the years how to weave your schedule into the fabric of your life and still maintain a sense of balance.

The bank is asking her 57k to pay off the balance or to sell the house.

(unlikely)3) If reserve not met, foreclose, then based on our TBD agreement, the 1st deeds property to us after payment of their balance.

Beware that some of the cards you'll get can't be turned into cash without crazy cash advance fees and the ones that you can convert are thru balance transfer checks that typically cost 3% to convert.So as of now my thoughts are that yes it can get you cash but just be aware that the total amount of credit you get will not be the amount you can truly use and the fee for this was $8,995.00 which they grabbed as soon as we had the 50k guarantee!

You need an asset account to balance the liability:xxx tenant deposits paid (asset)yyy tenant deposits held (liability)QB is not nice in this area and requires TWO transaction; one to reverse the Paid vs Held and then the transaction to move from Chk-2 into Chk-1The asset/liability will only show up in the Balance Sheet report.

A mod'ed first may have a deferred principal component that does not show up on the loan balance and could wipe out any perceived equity you may have in second position, for example.Bob

There is a good balance here to find, and I think it is you pay a little more for a quality product that last longer but you don't pay more for a fancier product that wont last longer (if that makes sense.)

You have little control over this, this is mostly about speculation regarding things like what the new Richmond ferry project, etc, might do.Paying down the mortgage balance."