Ok, here's the deal.
My parents own a home, and it has a small mother-in-law apartment on the property. It's a 2bd/1ba, and DESPERATELY in need of updating.
My husband and I are moving into it, but want to make an expansion to the house to accommodate our daughter as well as our second child, who'll be here in May. We would also like to do some renovations to the house, such as updating the kitchen and bathroom. We would need a personal loan to renovate this house, even after we put about $2000 into it.
Here's my question:
Can my husband and I get a loan in our name that allows us to make renovations to a house we do not own? We have permission from my parents, of course, and we can pay back the loan. We also have good enough credit to get the loan.
So, what do I do? Can I get a loan for this kind of renovation if I'm not on the mortgage?
Read more: A renovation loan for a rented home?
