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Company Loan Type APR Est. Pmt.

203k loan?

Posted on: 15th Jun, 2011 07:17 am
we are planning a garage conversion(to living space) and a bed/bath addition. we currently have 10k in equity(10% of home's value). would we be able to refinance to a 203k loan to make these improvements?
Becca, that is a distinct possibility. Such improvements to a home are allowable with the FHA 203K loan product. Seek out a lender who specializes in the K program - make sure they know how to handle your request and that they know how the overall program works.

You ought to be able to tell a lender from a pretender quite quickly. Check out for yourself also on the FHA website [fha(dot)gov].
Posted on: 15th Jun, 2011 11:18 am
Hi becca,

I agree with what George has said. You should contact your local lenders who specialize in 203k loans. They will check out your situation and let you know whether or not you qualify for the loan.

Thanks
Posted on: 15th Jun, 2011 08:48 pm
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