Profile picture for WadeLair

Home Purchase/Renovation in one loan

We are interested in buying a hopme in Dallas, TX.  The home is priced at about $540,000, but needs a garage in order to be our dream home.  This seems too expensive for the FHA 203K loan program.  Is there a similar program or type of mortgage that would allow us to roll the cost of garage construction into the overall mortgage of the house?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 23 2013 - Dallas
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (4)

A 203K loan is for renovation within the existing structure.  You can replace an existing deck which is in disrepair,  but you cannot add a new one with a 203K. 

You can remodel a kitchen but you can not bump out a wall and increase the size. You can remove an interior wall to increase the size.

An added garage would not be part of a 203K renovation.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 22 2013
203k loan is a government program that enables you to purchase a home and finances certain upgrades and repairs as part of your mortgage. Check with an experience lender if you can qualify with 203k for the garage.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 21 2013
Hi Wade!!  Consult your mortgage broker.  Recently, I did a FHA 203K loan with over $20,000 in repair costs.  It may be possible to negotiate this in to your loan.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 25 2013
Hi Wade,
I'd recommend you speak directly with a lender about your situation, to get a better feel for the loan options out there.  If you don't have one in place already, I like to refer Tammie Mitchell of Home Team Mortgage, she's a highly knowledgable lender with years of experience.  I cannot post her contact information here directly, due to Zillow's policy against advertising.  However, feel free to contact me via the information in my profile link, and I'd be happy to send you her info.  (or, you can Google her too!)

Diane Briggs, REALTOR®
Asset Realty
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 24 2013
 
Related Questions
Moving to Dallas area. Real estate needs.
Profile picture for Bruce Lynn
Latest answer by Bruce Lynn
July 16 | 3 answers
short sale help!
Profile picture for Bruce Lynn
Latest answer by Bruce Lynn
July 14 | 1 answers
what is the best school district in Dalls Texas location
Profile picture for Scott Griffis
Latest answer by Scott Griffis
July 05 | 8 answers
CAN A SELLER REFUSE TO SELL TO SOMEONE OVER 62
Profile picture for Bernard Gibbons
Latest answer by Bernard Gibbons
April 30 | 4 answers
Can I get a loan using my wife's credit and my income?
Profile picture for Brian Nguyen
Latest answer by Brian Nguyen
March 28 | 6 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 2608 Thomas Ave UNIT 8, Dallas, TX Home For Sale
    2608 Thomas Ave UNIT 8, Dallas, TX 75204

     For Sale: $489,000

    • Beds: 3
    • Sqft: 2380
    • Baths: 4.0
    • Lot: 7405
  2. 5601 La Foy Blvd, Dallas, TX Home For Sale
    5601 La Foy Blvd, Dallas, TX 75209

     For Sale: $749,000

    • Beds: 3
    • Sqft: 2964
    • Baths: 3.0
    • Lot: 2613
  3. 3230 Cambrick St APT 5, Dallas, TX Home For Sale
    3230 Cambrick St APT 5, Dallas, TX 75204

     For Sale: $399,000

    • Beds: 2
    • Sqft: 2090
    • Baths: 3.0
    • Lot: 39639