+2 votes
asked May 29 in FHA Loans by anonymous

2 Answers

+1 vote
Yes you can use a 203k loan to add an addition. This is incredibly common with renovation loans such as the 203K. You can do this during a 203K purchase loan or a 203K refinance transaction. Adding square footage to your home will always add to the value of your property. The general rule of thumb for renovation lending is; you must add value to your property with the renovations completed. Luxury items such as built-in swimming pools are not allowed. But updating bathrooms, kitchens, and adding additions are some of the most common renovations completed with this loan program. What state are you looking to use the 203K? I would love to assist you or answer any further questions. Please reach out to Mike Gracz on 630-659-7644 or email me at mgracz@usa-mortgage.com
answered May 30 by MikeGracz (16,780 points)
0 votes
You can add a side and/or second story addition with a full standard FHA 203k Renovation Loan. Not with a streamline.
answered May 30 by GustanCho (106,540 points)

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