can 203k loans be used for adding a second story?
big undertaking but i actually only need some funds as i have been able to save up 30% of the estimated costs for a 2nd story with one room only. I'm guessing id need to do this with a refinance? i have an FHA mortgage now. please let me know if this is doable or there's another route by richkyoko87354762 from Evanston, Illinois. Dec 8th 2014
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Yes.. you can add a second story with a 203K, but the better loan product would be the HomeStyle renovation loan.. With FHA, you will pay 1.75% as an upfront charge, 1.30% to 1.35% annual mortgage insurance premium, and you will have to hire an FHA consultant (at your expense) in order to do this loan.. with HomeStyle renovation, there is no upfront charge, no consultant and if you have 20% equity or more, no mortgage insurance premium.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
Patty Harrison (PattyHarrison)
#92 ranked lender in Illinois - 64 contributions
I can help you with either an FHA or Homestyle loan. I am a Illinois Mortgage broker. Please contact me for more information. Thank you, Patty Harrison 630-854-3459 or patty@smartmtgs.net
Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 679 contributions
Adding a 2nd story is completely acceptable for a 203K. And yes, you would simply refinance your existing FHA loan with another. Feel free to contact me if you need further info on the 203K.
Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions
Yes, a second story addition is a good use for a 203k loan.
Sean Young (SeanYoung)
#1 ranked lender in Colorado - 1,112 contributions
Yes, and that would be an excellent use of a full 203k loan. Great idea!
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