Pam S asked:
My home is 13 yrs old and I need more space. I want to add 2 bedrooms and 2 baths. I’m hearing it is cheaper to go out into the back yard with the addition rather than going up. I am pre-approved for a home equity loan but wondered if the 203K would allow for more money for the renovation.
Tanya
My home is 13 yrs old and I need more space. I want to add 2 bedrooms and 2 baths. I’m hearing it is cheaper to go out into the back yard with the addition rather than going up. I am pre-approved for a home equity loan but wondered if the 203K would allow for more money for the renovation.
Tanya
Teresa
Have you considered moving into a new home?
That’s what most people do.
This saves tons of headaches with contractors.
/
Derrick
OTOH
Going up with the remodel keeps your usable lot the same, important if you have/want kids.
Plus moving is almost as stressful as a remodel plus the new house/neighborhood for the kids.
Dora
FHA’s Streamlined 203(k) program permits homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this new product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.
Find out more about the Streamlined 203(k) program by reading HUD Mortgagee Letter 2005-50, enhancements to “Streamlined (K)” Limited Repair Program.
Dustin
hi
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