0

I would like to add a second story to my primary residence in the US. Estimated cost of project is $250k. I'm seven years in on a 30 year fixed rate mortgage at 3.75%. What are typical options people go with to get a loan of that size? (if at all possible).

Thanks

1 Answer 1

0

You can refinance into a renovation loan sponsored by FHA, Fannie Mae or Freddie Mac.

The differences in these loans are in how they are lenient and how they are strict.

  • FHA 203(k) loans are more lenient about the borrower's credit and more strict about the renovation work that can be done.
  • Fannie Mae HomeStyle mortgages are more strict about the borrower's credit and more lenient about the renovation work that can be done.

You must log in to answer this question.

Not the answer you're looking for? Browse other questions tagged .