Building a Addition

There are a few options for you for your home improvements. My experience is in the Fannie Mae HomeStyle Loan and the FHA 203k. I would disagree with the notion that the 203k is only for those needing major repairs. There are 2 types of 203ks. The streamline 203k is for improvements, costs etc not to exceed 35k. The consultant 203k will go up to the maximum allowed for FHA in your county. The Fannie Mae Homestyle is also a great product. It will allow for improvements up to 50% of the as completed value with a first mortgage. Here's a fact sheet on the Homestyle https://www.efanniemae.com/sf/mortgageproducts/pdf/hsrenofacts.pdf Our bank, Prospect Mortgage, specializes in renovation products among other things. We have our own draw department and a team dedicated to reno loans. I would be happy to discuss your options further if you'd like.

Sounds like great advice from Chris covered all the bases...good luck

Enter your answer here You need a cash-out not 203K but it will depend on the market value of the home. House appraised last year not this year you will need a need one leonard d Walker ( 410-788-9100) ext 2914

Not true. While it is true that most people use a 203k for making needed repairs, they can be used for any re-building /remodeling needed. I just completed a 203k on a 3 year old home that included money for the buyer to purchase it plus $60K for adding a bedroom, relocating a bathroom, remodeling the kitchen with new high end appliances and granite countertops and new flooring throughout. Contact a local Mortgage Banker/Broker rather than one of the big banks. Make sure they are 203k certified and have fun with your project. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com