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I have an offer accepted on a house that needs a complete demo and rebuild. I know that with a 203k

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October 02 2012 - Boston
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Answers (4)

The details of what you are able to do with a 203K should be discussed with the lender.  I know it you can rehab a property, I wasn't sure that you could knock it down and rebuild.  The addition may not be allowed under 203K, check all these points before you continue on.   
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October 02 2012
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Sorry, not quite sure why it cut off.
Our offer was accepted on a house that we intended to use the 203k loan for a full rehab and addition on.  After reviewing with our contractor, he advised that it would not be worth rehabbing the property and it should be torn down to rebuild.  I know that you can do this with a 203k but you must keep the original foundation.  My question is, can we keep the original foundation but expand it with a slab or does the original footprint have to remain the same with the 203k?

Thanks
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October 02 2012
Greg Brady
You question is incomplete. You may have the desire to repost it.
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October 02 2012
Not sure what your whole question is, but i think a 203K is for rehab and adding to a house to make it livable, not demolish and rebuild. A construction loan might be what you need for that.
Tim
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October 02 2012
 
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