If you find a lot that contains the foundation of a previously occupied home, then yes, an FHA 203K mortgage could be used to build a new house so long as a major portion of that existing foundation is used.
A true construction mortgage would be about your only option. We do offer another Renvoation loan program, but that one would require the home to at least be at the sheetrock stage.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.
CFS Mortgage - http://www.cfs203k.com
This shortens the closing time by weeks. Try http://www.cfs-mortgage.com/203k for more information.
Rodney's answer is spot on. Construction loans are often a better alternative to 203k when you are dealing with a major project anyway. My company offers a great "1 time close" construction to perm product that would let you complete this project.
NMLS # 75615/465546
This is perfect to finish that basement.
For more information contact a lender that is very familiar with this product.
Isabel Elsesser, Realtor
First United Realty
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Marietta GA 30062
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