Mortgage Advice > What is the best way to finance a new home purchase and addition simultaneously?

What is the best way to finance a new home purchase and addition simultaneously?

I live in Colorado and plan to purchase a home. Before I move in, I'd like to add two bedrooms and a bath. What's the best way to finance this all at the same time? Ouray,CO | Jul 11th 2011
by kevinlo... Answer

by bmcfed

Depends on how much you put down , but FHA 203K program otherwise you have to purchase with a contruction loan . www.guidetomortgaeplanning.com

Jul 11th 2011

by rjbaxter

You could use either an FHA 203K or Fannie Mae Homestyle renovation loan for that. Or there is always the home depot credit card!

Jul 11th 2011

by CaPortf...

An FHA 203k will only go to $35k over purchase price. Construction labor and material is not cheap. I suggest you purchase a home that is already constructed to your requirements.Happy funding, Rudi

Jul 12th 2011

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