Ask The Experts: Money Matters

By Mike Miles

Residential loan

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Q. I’m planning to take out a residential loan to make a down payment on a house. Am I able to take out an amount but not use all of it toward the actual down payment? Would I be able to use a portion toward home improvement?

A. Purchase or new construction only. Residential loan proceeds may not be used for renovation or repairs, which I assume includes improvements. You may want to contact the Thrift Line with your particulars to be sure, but I don’t think it will be allowed.


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