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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?
  • July 23 2013 - Dallas
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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.
  • September 22 2013
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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.
  • September 21 2013
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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.
  • July 25 2013
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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
  • July 24 2013
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