skip to main content

Buying and Selling Homes

Can I get a construction loan?

11 years ago

Bought a house with tons of potential but it was no bargain! There are lots of updates that need to be made and some add on construction. We have 2 mortgages because we still wanted to live in our house while reno'ing.

Would it be possible to get a construction loan considering we have both houses?

Sort by:Oldest

Comments (3)

kirkhall
11 years ago
That question can only be answered by a loan officer...

Good luck!
chicagoerin
10 years ago
Check out a 203k loan .. You roll up to 35k in repairs into mortgage
pamghatten
10 years ago
An FHA 203K Streamline only goes up to $35,000, a regular FHA 203K can go much higher.

But your comment that it was no bargain means what? Any loan is going to look at the after-improved value to see if the repairs/renovations are worth doing, as compared to similar house values nearby.

There are other contruction loans, plus Home Improvement loans that are second mortgages. You need to gather your cost estimates and sit down with someone who can look at all the options with you.

You will need to be able to carry/afford all the mortgages at the same time.

Related Stories

LIFE The Polite House: How Can I Tell a Construction Crew to Pipe Down?

If workers around your home are doing things that bother you, there’s a diplomatic way to approach them

KITCHEN DESIGN Trending Now: 25 Kitchen Photos Houzzers Can’t Get Enough Of

By Mitchell Parker

Use the kitchens that have been added to the most ideabooks in the last few months to inspire your dream project

REMODELING GUIDES Ask an Architect: How Can I Carve Out a New Room Without Adding On?

When it comes to creating extra room, a mezzanine or loft level can be your best friend

ARCHITECTURE Get a Perfectly Built Home the First Time Around

By Bud Dietrich, AIA

Yes, you can have a new build you’ll love right off the bat. Consider learning about yourself a bonus

THE POLITE HOUSE The Polite House: Can I Put a Remodel Project on Our Wedding Registry?

Find out how to ask guests for less traditional wedding gifts

CONTRACTOR TIPS Learn the Lingo of Construction Project Costs

By Ventana Construction LLC

Estimates, bids, ballparks. Know the options and how they’re calculated to get the most accurate project price possible

BUDGETING YOUR PROJECT Construction Contracts: What to Know About Estimates vs. Bids

By Ventana Construction LLC

Understanding how contractors bill for services can help you keep costs down and your project on track

REMODELING GUIDES Can You Handle That Fixer-Upper?

By Christine Tusher

Learn from homeowners who bought into major renovation projects to see if one is right for you

REMODELING GUIDES Construction Timelines: What to Know Before You Build

By Incite Design

Learn the details of building schedules to lessen frustration, help your project go smoothly and prevent delays

MOST POPULAR 9 Real Ways You Can Help After a House Fire

By Alison Hodgson

Suggestions from someone who lost her home to fire — and experienced the staggering generosity of community

Sponsored

More Discussions

Removing tub from guest bathroom

18

Would you pass on a one-bath house?

32

Should you list brands of products used in a home renovation?

10

Will this kitchen reno ideawork or will it just look and feel awkward?

8

Currently have single sink and built in vanity in Master ensuite.

25