Forgotten Your Password?

Need to Register?

Question Icon

Are fha 203k ok to be used for adding a deck?

outside; attached to home and overlooking backyard from second story. hoping for 203k since we have 4% to put down only. by lammin178463634 from Salem, Utah. Nov 21st 2014 Reply


Stacy Rowlett (srowlett@primeres.com)
#90 ranked lender in Utah - 3 contributions

You can use a 203k loan to make many cosmetic improvements, including a deck. Many borrowers use the 203k to get new carpet, appliances, cabinets, countertops. It is not just for major renovations. Please let me know if you have any other questions.

Nov 21st 2014
1
0
Cory Ure (coryure)
#46 ranked lender in Utah - 50 contributions

A 203k loan can be used for adding a deck as long as the cost of the deck does not exceed the value of the house after the deck is completed. 203k loan amounts are based on the value of the home after improvements. So as long as you're not getting too fancy with a deck, and you're possibly buying the house under market value, a 203k loan may be the way to go.

Nov 21st 2014
1
0
Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,823 contributions

Yes, a 203k loan can be used for adding a deck. If you are considering purchasing and using the 203k, then this would be the time to take a look at all of the improvements you might want to make and doing them all now. You didn't indicate how old the home is, but if you wanted to replace or upgrade things like flooring, paint, appliances, energy efficiency items like additional insulation or dual pane window are all things that can be done with a 203k loan. Depending on what you need or want, the time to roll them all into a new lower payment is now. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in Arizona (AZLO0911876 / AZBK0902429), Washington (WALO40586 / WACL3087) and California (CADOC40586 / CAFLL6036566). We are licensed by the CA-DBO under the CFLL and CRMLA. Loans made or arranged pursuant to CFLL or CRMLA license. ~ www.LoansA2z.com ~ 888-889-9950

Nov 21st 2014
1
0
Sara Deere (Saraloveshomeloans)
#39 ranked lender in Kansas - 538 contributions

Yes a 203K loan can be used for adding a deck onto an existing home.

Nov 21st 2014
1
0
William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,707 contributions

Yes, but it's not the best loan for that purpose.. FHA financing has the most expensive mortgage insurance of any loan product.. and if you do a 203K, then it gets even more expensive since you now have to hire an FHA consultant and you can only hire licensed / bonded contractors to do the work.. you cannot do it yourself. It's best you save up an extra 1% and go conventional financing using the HomeStyle renovation. with this loan, there is no consultant needed and the mortgage insurance is much less for well qualified borrowers.. in addition, once you pay MI for 24 months, and once you obtain 20% equity, you can contact your lender and request that the MI be removed, and you wont have to refinance to do it.. not the same with FHA.. their MI is for the life of the loan. 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

Nov 21st 2014
1
0
Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

The simply answer is yes.

Nov 21st 2014
0
0
Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#78 ranked lender in Florida - 2,240 contributions

Yes you can

Nov 22nd 2014
0
0
Timothy Howard (timehoward)
#70 ranked lender in Utah - 154 contributions

As you can see,, most of the answers are the same stating "Yes, you can!" but one thing I would is look into doing a signature loan for the deck. Another great option would be to do a 100% Utah housing loan and save your 4 percent to build the deck.Please call me at 4357648709 or go to my website at www.yourmortgageguy.us

Nov 22nd 2014
0
0
Subscribe to our news feed.