Financing in Antioch>Question Details

Natasha Quinn, Renter in Antioch, CA

are there restrictions on expanding square footage under 203k loans?

Asked by Natasha Quinn, Antioch, CA Wed Mar 19, 2014

We are looking a 3/1 but would definitely need to add a second bath.

Help the community by answering this question:


As long as existing foundation remains in place you can add square footage using 203K loan financing. All zoning laws must be followed and permits obtained.
Good Luck!

Sanjeev Ahuja, NMLS #148731
Mortgage Broker
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Phone 917-517-2552
NYS Registered Mortgage Broker, Dept of Financial Services, Loans arranged through third parties (NMLS # 885573)
2 votes Thank Flag Link Fri Mar 21, 2014
There aren't any restrictions on adding square footage, however adding a bathroom would require permits & architectural plans. The 203(k) loan program has two versions, "streamline" and "full". Adding a bath could only be done under the full version.

A list of other items that need to be done under the full version are:

Major rehabilitation or major remodeling, such as the relocation of a load-bearing wall;
New construction (including room additions);
Repair of structural damage;
Repairs requiring detailed drawings or architectural exhibits;
Landscaping or similar site amenity improvements;
Any repair or improvement requiring a work schedule longer than three (3) months;
Rehabilitation activities that require more than two (2) payments per specialized contractor;
Require plans or architectural exhibits;
Require a plan reviewer;
Require more than six months to complete;
Result in work not starting within 30 days after loan closing;
or Cause the mortgagor to be displaced from the property for more than 30 days during the time the rehabilitation work is being conducted.

It can be a great program to increase a home's value and literally build yourself some equity.

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
2 votes Thank Flag Link Thu Mar 20, 2014
Sanjeev Ahuja has given you the best answer. You should start off by checking with your local municipal building department to make sure you understand what they require and whether there are any applicable zoning issues you need to consider.
1 vote Thank Flag Link Fri Mar 21, 2014
The main restrictions are keeping upgrades within budget and that they add the necessary value to the home. A second bath definitely adds value, it's just a matter of adding enough and fitting it within the guidelines.
1 vote Thank Flag Link Wed Mar 19, 2014
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